U.S. Congress - S.2490 Reverse Mortgage Proceeds Protection Act
S.2490 - Reverse Mortgage Proceeds Protection Act
A bill 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. view all titles (2)
All Bill Titles
- Official: A bill 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. as introduced.
- Short: Reverse Mortgage Proceeds Protection Act as introduced.
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Official Summary
12/14/2007--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 requiOfficial Summary
12/14/2007--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 up-front 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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Recent Blog Coverage
Reverse Your Mortgage: FHA MODERNIZATION BILL UPDATE
April 10, 2008 Senator Claire McCaskill (D-MO) was successful at getting her reverse mortgage bill (S. 2490) added to S. 3221. The Reverse Mortgage Protection Proceeds Act would prohibit lenders from requiring the purchase of an annuity ...
Senator Wants Look At Reverse Mortgage Claims
Sen Claire McCaskill(D-MO), the author of S. 2490 â the Reverse Mortgage Proceeds Protection Act â a bill that would end the âmarketing or sale of an annuity as a condition of obtaining any home equity conversion mortgageâ â has as
HECM Protections Stall On Capitol Hill
... in Washington â has had so little success with reverse mortgage legislation. Provisions to lower reverse mortgage costs and to enhance borrower protections are routinely lost in the legislative process. As an example, S. 2490: [...]
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