The settlement of
Kansas and many states to the west
have long played a very important role in the history of reverse mortgages.
The Gardner Historical Museum of Reverse Mortgages was created to celebrate and exhibit the history of reverse mortgages. Here is a quick rundown of the 10 main exhibits of the museum.
First is the original persevered copy of the very first reverse mortgage loan document. The first reverse mortgage loan was to Nellie Young and was made by Deering Savings & Loan in Portland in 1961.
Second is a picture of Jack M Guttentag, from the Wharton School who did a technical monograph based on “Creating New Financial Instruments for the Aged” in 1975, which was to contribute immensely to the creation of reverse mortgages.
On display is a copy of the first state wide deferred loan program and picture of William Perkins who developed it in 1978.
Display of a copy of “Equi-pay” the first reverse mortgage program developed by Arlo Smith for Broadview Savings and Loans in 1977.
A copy of the book, “Unlocking Home Equity for the Elderly” by Yung-Ping Chen and Ken Scholen released in 1980.
Endorsement certificate of the first FHA reverse mortgage insurance proposed by ken Scholen and endorsed by the 1981 conference on aging set up by the White House.
Also on display is a copy of 1981 Good Morning America, Newsweek, Time News that did the first nation wide media exposure on reverse mortgages. The paper was the first to bring nation wide interest to reverse mortgage.
On 2/5/88, the legislation for FHA reverse mortgage insurance was signed by president Regan and Judith V. May was put in charge of development of the program. A copy of the signed legislation is on display.
On display is a signed agreement between the US Administration on Aging and the HUD. The agreement was that the Administration would sponsor the training of first set of reverse mortgage counselors in 1988.
A copy of the first signed reverse mortgage certificate after it was formerly passed into law. The mortgage certificate was made to 69 year old Mr. Richards.
"Reverse Mortgages Will Continue to Allow the Western Seniors to Retain their Homes"