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.

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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Sponsor

• Sen. Claire McCaskill [D, MO]
• and 2 Co-Sponsors
  • Sen. Thomas Carper [D, DE]
  • Sen. Herbert Kohl [D, WI]
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Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.2490

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
December 14, 2007

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All Bill Actions

• Introduced on Dec 14, 2007.
• Dec 14, 2007: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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Related Bills:

• H.R.5758

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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Blog Coverage

April 26, 2008 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 ...

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Source: Reverse Your Mortgage

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April 25, 2008 Senator Wants Look At Reverse Mortgage Claims

Sen Claire McCaskill(D-MO), the author of S. 2490 — the Reverse Mortgage Proceeds Protection Act — a bill that would end the “marketing or sale of an annuity as a condition of obtaining any home equity conversion mortgage” — has as

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Source: Reverse Mortgage Guide

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April 11, 2008 HECM Protections Stall On Capitol Hill

... in Washington — 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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Source: Hipotecas inversas de investigación

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