Hey, Members A Roundup of Issues and News for NRMLA Members By Darryl Hicks IN THIS ISSUE, we highlight news from the first and second quarters of 2024, with links to more information. If you have questions, contact me at dhicks@dworbell.com. • A survey of 4,558 adults finds that to retire comfortably will take $1.46 million, up from $1.27 million a year ago, says Northwestern Mutual’s 2024 Planning & Progress Study in April. (https://bit.ly/3xxngix) • BlackRock CEO Larry Fink, whose company manages $10 trillion in assets, half of which are for retirement, has challenged government and business leaders to fix a retirement crisis caused by medical advances that have boosted longevity. (https://bit.ly/4aA6fCt) • A March 2024 study by the Collaborative for Equitable Retirement Savings finds that Black and Hispanic workers withdraw a larger portion of their account balances before retirement, which might explain the savings gap between different ethnicities. (https://bit.ly/4cvJYaH) • The European Pensions and Property Asset Release Group and EY published the Global Equity Release Roundtable 2023 report, which says the global equity release market could hit $50 billion by 2033, more than doubling its current size. (https://bit.ly/4auv3f8) • Fifty-four percent of Americans say their goal is to live to 100, even though 66 percent fear running out of money more than death, according to a March 2024 study from Corebridge Financial and The Longevity Project. (https://bit.ly/3TqNnyL) • The housing wealth of homeowners 62 and older fell by $119 billion in the fourth quarter, to $12.84 trillion, according to the NRMLA/RiskSpan Reverse Mortgage Market Index. (https://bit.ly/3IKMRa3) • The U.S. Census Bureau projects the number of Americans ages 100 and older to jump from an estimated 101,000 in 2024 to about 422,000 in 2054, according to a January 9, 2024, paper by the Pew Research Center. (https://bit.ly/4csssEk) • Ginnie Mae implemented cybersecurity incident reporting requirements on March 5, 2024, as part of its commitment to the security and integrity of all operational systems and technology infrastructure related to its mortgage-backed securities. (https://bit.ly/3x6VNE3) • Only 19 percent of female workers are “very” confident that they will retire with a comfortable lifestyle, according to 23 Facts About Women’s Retirement Outlook, a November 2023 survey by the Transamerica Center for Retirement Studies®. (https://bit.ly/3wY7ZXu) • One way to fix the U.S. retirement system is to provide better access to housing equity in retirement, according to a February 28, 2024, paper by the Brookings Institution. (https://bit.ly/3TMirKE) • Florida Gov. Ron DeSantis signed legislation in May that could potentially save borrowers thousands of dollars in closing costs by basing the state’s documentary stamp tax on the principal limit of a reverse mortgage instead of the maximum claim amount. The law went into effect on July 1, 2024. • NRMLA and its HUD Issues Committee sent a letter to the U.S. Department of Housing and Urban Development on February 26, 2024, that recommends ways to improve the Federal Housing Administration’s condo approval forms and policies. (https://bit.ly/3sgHyYm) • A February 6, 2024, article in the Wall Street Journal noted that today’s 65-year-olds are wealthier, and, by many measures, healthier and expected to live another 20 years. (https://on.wsj.com/3PwAQZt) Darryl Hicks is NRMLA’s vice president of communications. 8 REVERSE MORTGAGE / JULY-AUGUST 2024
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