After a sluggish start in which more than $1 million was spent to lay groundwork, the Federal National Mortgage Association says its reverse mortgage program is finally taking shape.

Lenders have closed 35, or $5.5 million worth, of Fannie Mae's Home Keeper reverse mortgages in the program's first six months. Continuing that pace would mean the agency will fall well short of its initial plan to make $1 billion of the loans in the first year.

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