The report — which was delayed six weeks by the federal government shutdown in the fall — provides expanded disclosures on the HECM program. “As was the case last year, FHA’s HECM Claim Type II loss is negative; in other words, FHA is making a profit on its HECM claims. Claim Type I and supplemental claim losses totaled about $241 million in fiscal year 2025, down from more than $300 million a year earlier. The report shows no material losses on HECMs originated after fiscal year 2017, according to the commentary. Despite the positive financial news for the HECM program, New View Advisors said that structural issues continue to suppress demand for the product, with data showing limited interest in term and tenure HECM product options.