A new version of the FHA’s Home Equity Conversion Mortgage, dubbed the HECM Saver, is a cheaper option for borrowers that became available last week, but reaction to the new product has been mixed. The HECM Saver, which the FHA outlined in Mortgagee Letter 2010-34, became available Oct. 4 and was the product of Department of Housing and Urban Development officials’ attempts...[Includes one graph]