Hey, Members mortgages in the FHA mortgage insurance program. NRMLA pointed out that for many borrowers, a material barrier to getting a HECM is the high upfront cost associated with the initial mortgage insurance premium (IMIP). NRMLA requested that FHA consider reducing the IMIP for HECM borrowers who take a full, voluntary Life Expectancy Set Aside or who borrow less than 60 percent of the available principal limit at origination. NRMLA also proposed that FHA consider expanding the eligibility of the HECM program to allow borrowers to undertake larger home renovations and provide a lower IMIP for borrowers who use HECM funds to improve the energy efficiency of their homes. I would encourage you to read the comments in their entirety by logging into the comment letters section at https://bit.ly/3sgHyYm. Government Releases Annual Profile of Older Americans We know there’s a huge potential market for reverse mortgages. The “Annual Summary of Statistics On Older Adults,” published in November by the Administration for Community Living, includes some interesting statistics on the shifting demographics of Americans age 65 and older. It includes statistics on future population growth, marital status, living arrangements, income, employment and health. Download a copy of the report at https://bit.ly/3vkB8IB. Highlights are as follows: • In 2020, the 65 and older population was 30.8 million women and 24.8 million men. • In 2020, people 65 and older represented 17 percent of the population. By 2040, that is expected to grow to 22 percent. • In 2020, Maine, Florida, West Virginia and Vermont had the highest percentage of population that is 65 and older. • In 2020, the median income of older people was $26,668 ($35,808 for men and $21,245 for women). • In 2019, the median household income of homeowners 75 and older was $36,200. • In 2021, 10.6 million Americans age 65 and older were working or actively seeking work. • Consumers age 65 and older had average out-ofpocket healthcare expenditures of $6,668 in 2020, up 38 percent from 2010. Submit Your Questions or Comments I’d also like to use this column to respond to questions you may have about NRMLA, the Certified Reverse Mortgage Professional (CRMP) designation or anything that’s on your mind. Send your questions or comments to dhicks@dworbell.com. Hey, Members continued from page 9 10 REVERSE MORTGAGE / MARCH–APRIL 2023
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