Budget shortfalls of this size often mean struggling to afford essential living costs like housing, healthcare, utilities and food. Reverse mortgages, primarily Home Equity Conversion Mortgages (HECMs), have long been used as a retirement income tool for homeowners 62 and older.
The ATN, operating since 2002, had been facing significant budget shortfalls in recent years and was struggling to maintain solvency. In her preface to the ATN fiscal year 2025-2026 budget transmittal, CEO Diana Kotler listed significant challenges to the network, including "stagnant revenues and rising day-to-day operational costs." "ATN continues to challenge the often-unrealistic expectation that a transit agency can simply identify new 'revenue sources' to resolve its economic difficulties," she added.