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Prepared Remarks of Director Rohit Chopra on the FDIC’s Deposit Insurance Fund Restoration Plan

https://www.consumerfinance.gov/about-us/newsroom/prepared-remarks-of-director-rohit-chopra-fdic-deposit-insurance-fund-restoration-plan/

The economic shock of COVID-19, and the resulting monetary and fiscal support, led to a substantial increase in deposits in our nation’s FDIC-insured banks. This shock caused the reserve ratio – the amount of reserves required in our Deposit Insurance Fund – to fall below the floor set by law.

What should I do if I have a reverse mortgage loan and I can’t pay my property taxes or homeowners insurance?

https://www.consumerfinance.gov/ask-cfpb/what-should-i-do-if-i-have-a-reverse-mortgage-and-i-cant-pay-my-property-taxes-or-insurance-en-1509/

If you can’t pay your property taxes or homeowners insurance, look for help right away. Home Equity Conversion Mortgages (HECMs), the most common type of reverse mortgage loan, require that you keep current on your property taxes and homeowners insurance. Failure to pay either may lead to foreclosure.

Consumer advisory: Don’t be misled by reverse mortgage advertising

https://www.consumerfinance.gov/about-us/newsroom/consumer-advisory-dont-be-misled-by-reverse-mortgage-advertising/

You might see enticing images of youthful retirees on the golf course or enjoying other leisure activities in a reverse mortgage advertisement. We looked closely at many ads and found incomplete and inaccurate statements used to describe the loans. Reverse mortgage ads don’t always tell the whole story, so consider these facts when you see advertisements.