On September 22, the FHA announced that a modified version of its Home Equity Conversion Mortgage product will be available as of October 4. The option, known as HECM Saver, will allow homeowners who want to borrow a smaller amount than what would be available with an original HECM Standard to pay lower upfront closing costs. The mortgage insurance premium for both the HECM Saver and HECM Standard will be charged monthly at an annual rate of 1.25% of the outstanding loan balance, increased from 0.50% in effect for current HECM Standards. In addition, the amount of HECM loan proceeds available to both HECM Saver and HECM Standard borrowers will be reduced. HUD Release.