As Americans with insufficient retirement savings leave the workforce over the next 20 years, they will severely strain state and federal budgets, resulting in increased public assistance costs, … more Pew: Americans’ Lack of Retirement Savings Could Cost Governments $1.3T
Industry News & Reference
FHA Finalizes Policies to Expedite HECM Assignments
The Federal Housing Administration published Mortgagee Letter 2023-10 to allow for faster payment of funds to mortgagees when they assign a Home Equity Conversion Mortgage to HUD. Effective immediately, ML 2023-10: … more FHA Finalizes Policies to Expedite HECM Assignments
Financial Assessment Is Working (Part VII)
Financial Assessment is still working. Now in its ninth year, FHA’s policy of requiring the financial assessment (FA) of borrowers’ ability to pay has helped cut tax and … more Financial Assessment Is Working (Part VII)
National Retirement Risk Index: Version 2.0
The Center for Retirement Research at Boston College announced that it has modernized its National Retirement Risk Index which measures and analyzes the share of working-age households that … more National Retirement Risk Index: Version 2.0
Social Security Benefits Lose 36 Percent Of Buying Power Since 2000
An analysis of Social Security “cost of living adjustments” (COLAs) compared to the actual costs of goods and services purchased by older Americans found that Social Security benefits … more Social Security Benefits Lose 36 Percent Of Buying Power Since 2000
HUD Selling Vacant Properties Once Backed by HECMs
The Department of Housing and Urban Development announced in the Federal Register this week that it will be selling 1,237 reverse mortgage notes secured by vacant properties with … more HUD Selling Vacant Properties Once Backed by HECMs
HUD Publishes Final Rule On LIBOR Transition
The Department of Housing and Urban Development published Mortgagee Letter 2023-09, which implements the Department’s final rule published on March 1 that governs the transition away from the … more HUD Publishes Final Rule On LIBOR Transition
NCOA: 47 Million Older Households Facing Financial Risks
Eighty percent of U.S. households with older adults, or roughly 47 million households, are financially struggling today or are at risk of falling into economic insecurity as they … more NCOA: 47 Million Older Households Facing Financial Risks
Joint Statement On Completing the LIBOR Transition
The Consumer Financial Protection Bureau issued a joint statement with four other federal regulatory agencies, and state bank and credit union regulators, as a reminder that use of … more Joint Statement On Completing the LIBOR Transition
HUD Awards $15M in Grants to Help Older Homeowners Age in Place
Through its Older Adults Home Modification Program, the Department of Housing and Urban Development awarded $15 million to local non-profits to pay for home modifications and repairs that … more HUD Awards $15M in Grants to Help Older Homeowners Age in Place
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