Reverse Mortgage Proceeds Protection Act

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.

4/10/2008--Introduced.
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.


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Sponsor

• Rep. Barbara Lee [D, CA-9]

Committees

• House Financial Services

Amendments

This bill has no amendments.

Amendments to H.R.5758

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
April 10, 2008

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All Bill Actions

• Introduced on Apr 10, 2008.
• Apr 10, 2008: Referred to the House Committee on Financial Services.

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Related Bills:

• S.2490

Related Issue Areas:

• Housing
• Administrative procedure
• Aged
• Annuities
• 18 more
• Business
• Consumer protection
• Consumers
• Counseling
• Department of Housing and Urban Development
• Executive departments
• Finance
• Financial services
• Health policy
• Home equity conversion
• Housing for the aged
• Insurance premiums
• Law
• Long-term care insurance
• Marketing
• Medical care
• Pensions
• Social services

Data from the Congressional Research Service

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In the News

May 01, 2008 LETTER: Use reverse mortgages for clean power

... letting Congressman Frank know that his current reverse mortgage legislation, HR 5758, could include a provision creating a clean energy reverse mortgage.

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Source: SouthCoastToday.com, MA

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Blog Coverage

May 09, 2008 Late breaking news

Your Free Credit Reports - Sponsored Link. Ad - View All 3 Credit Scores and Credit Reports Online Now. See it for $0. Watch the May 6 episode. Find an apartment - Find a car - Find a home - Find a job - Find a mortgage - Find a ...

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Source: home.freerealestateguides.info

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May 09, 2008 Late breaking news

Your Free Credit Reports - Sponsored Link. Ad - View All 3 Credit Scores and Credit Reports Online Now. See it for $0. Watch the May 6 episode. Find an apartment - Find a car - Find a home - Find a job - Find a mortgage - Find a ...

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Source: home.leaderrealestate.info

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May 09, 2008 Late breaking news

to thank Chairman Frank for including language from legislation I introduced with Senator McCaskill, HR 5758, the Reverse Mortgage Proceeds Protection Act, to protect seniors from losing their homes. “We are seeing some of the same ...

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Source: homebuyersrealestate.info

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