HECM Life Expectancy Set Asides | Office of Inspector General, Department of Housing and Urban Development

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Title	Announced	Priority Area	Program Area	State
HECM Life Expectancy Set Asides	11/2024	Creating Access to Affordable Housing, Protecting the Mortgage Insurance Funds	Housing	All

Summary

HUD OIG is conducting an audit of HUD’s HECM Life Expectancy Set Asides within the Office of Housing. In 2015, HUD set a requirement for some HECM borrowers to maintain a Life Expectancy Set Aside to pay for future property taxes, insurance premiums, and flood insurance on behalf of the borrower. Our objective is to determine if HUD’s HECM Life Expectancy Set Aside calculations are meeting program goals.