Laura Kusisto

speaker

689 appearances 14 recordings 1 series first heard Jul 2017 last heard Nov 2023

Laura Kusisto’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · HUD Plans New Restrictions on Reverse Mortgages · 31 Aug 2017 podcast

So this is just if you're going to go take a mortgage out from here on in. voice-verified

Right now, it depends on how much money you borrow. voice-verified

So right now, you pay a higher premium if you borrow a lot of money up front. voice-verified

But this is going to change that so everybody, whether you borrow a lot or a little, is going to pay the same one. voice-verified

So that'll be interesting to see, too. voice-verified

Right now, there's sort of a disincentive for people to borrow a lot, and it might remove that disincentive. voice-verified

So that could be an interesting effect that we just don't know how that's going to play out. voice-verified

But on balance, this is supposed to reduce risk by increasing the amount people pay up front but lowering it over time. voice-verified

So at the very end of the day, we, the taxpayers, are on the hook. voice-verified

And that's been the problem with this program. voice-verified

It is a big money loser. voice-verified

There's a lot of risks built into the program because it ends up costing the federal government money if people live longer than is expected, if home values don't increase by as much as expected. voice-verified

if they don't take care of the home as much. voice-verified

You know, if you're getting into your 90s and you're not getting that roof repaired or that bathroom upgraded. voice-verified

All of these variables that are really hard to predict. voice-verified

And so, what ends up happening is that the federal government, which backstops the loan, sometimes, you know, then ends up taking out a reserve fund. voice-verified

And once, so far only once, they ran out of funds in that reserve fund and had to get an appropriation from Treasury. voice-verified

This is why we care about it. voice-verified

Basically, what happens is that both reverse mortgage borrowers, but also regular mortgage borrowers who tend to be younger, FHA tends to cater to a somewhat lower, middle-income, younger borrower. voice-verified

Those premiums are being paid into this reserve fund. voice-verified

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