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In fact, if nothing is done, this USDA program — called Section 515 — is projected to lose up to 137,000 affordable-housing units between 2023 to 2033 nationwide due to mortgage maturities alone, according to USDA projections , “with a potential to lose approximately 333,000 units by the year 2050.”
HousingWire recently spoke to Jonathan Scarpati, Senior Vice President of Wholesale Lending at Finance of America Reverse, about tapping into the reverse mortgage market in light of the changing market. . By 2050, 20% of Americans will be 65 or older. And they’re sitting on an estimated $10 trillion in home equity.
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