h 9 49991 1207800000 false 1207800000 1 5758 467 110 400237 4/10/2008--Introduced.<br/>Reverse Mortgage Proceeds Protection Act - Amends the National Housing Act of 1937 to modify the eligibility criteria for insurance of home equity conversion mortgages (reverse mortgages) of elderly home owners. Excludes from the third party adequate counseling requirement counseling by a reverse mortgage lender, servicer or investor, or an entity engaged in the sale of annuities, investments, long-term care insurance, or any other type of financial or insurance product. Repeals the waiver of upfront insurance premiums for mortgages to fund long-term care insurance. Authorizes the Secretary of Housing and Urban Development (HUD) to use a portion of reverse mortgage insurance premiums to fund mandatory counseling and disclosure activities, including counseling for homeowners who elect not to take out a home equity conversion mortgage. Directs the Secretary to promulgate regulations to protect elderly homeowners from the marketing of financial and insurance products not in their interest, including the marketing or sale of an annuity as a precondition to obtaining a home equity conversion mortgage.<br/> 1207800000 2008-04-10 Fri Nov 07 05:53:35 -0600 2008 introduced 49991 'home':6 'author':3 'borrow':33 'consum':28 'equiti':7 'lender':4 'provid':26 'purpos':37 'requir':11 'revers':22,31 'senior':12 'annuiti':16 'convers':8 'mortgag':9,23,32 'proceed':19 'protect':29 'purchas':14 'prohibit':2 58220 false To prohibit authorized lenders of home equity conversion mortgages from requiring seniors to purchase an annuity with the proceeds of a reverse mortgage, and to provide other consumer protections to reverse mortgage borrowers, and for other purposes. official introduced 49991 'act':5 'revers':1 'mortgag':2 'proceed':3 'protect':4 59043 false Reverse Mortgage Proceeds Protection Act short introduced 49991 1207800000 Thu Apr 10 00:00:00 -0500 2008 149701 L000551 1946-07-16 6670 2444 Rayburn House Office Building http://lee.house.gov/?sectionid=44&sectiontree=18,44 9 202-225-9817 Barbara 'd':4 '-9':6 'ca':5 'lee':3,8,10 'rep':1 'barbara':2,7,9 F 400237 Lee Barbara_Lee Rep. Barbara Lee [D, CA-9] 2686 N00008046 8927 Democrat 202-225-2661 Baptist CA Rep. Barbara Lee 4.23529411764706 http://lee.house.gov/ RepLee introduced 49991 1207800000 Thu Apr 10 00:00:00 -0500 2008 149701 action 49991 1207800000 Thu Apr 10 00:00:00 -0500 2008 149702 Referred to the House Committee on Financial Services.