FHA Mortgagee Letter 2021-08 Home Equity Conversion Mortgage (HECM) Program – Changes to Interest Rate Requirements Including Removal of the London Interbank Offered Rate (LIBOR) Index

March 11, 2021

FHA ML 2021-08 announces that the Home Equity Conversion Mortgage (HECM) program is moving on from the London Interbank Offered Rate (LIBOR) index for adjustable-rate HECMs, and will instead adopt the Secured Overnight Financing Rate (SOFR), primarily for HECMs closed on or after May 3, 2021.

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