A hearing device, e.g. a hearing aid, is provided, comprising a forward path comprising an input transducer for providing an electric input signal, a signal processing unit configured to apply a requested forward gain to the electric input signal, and an output transducer. The hearing device further comprises a feedback reduction unit for reducing a risk of howl due to feedback from the output transducer to the input transducer. The forward path and the external feedback path defines a roundtrip loop delay. The feedback reduction unit is configured to modulate said requested forward gain in time, to provide that the resulting forward gain exhibits a first, increased gain AH in a first time period TH and a second, reduced gain AL in a second time period TL, wherein at least one of AH, AL, TH, and TL is/are determined according to a predetermined or adaptively determined criterion including said roundtrip loop delay.