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.
previous 110th session of congress Other Bill Titles (2 more) 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 ... more
Committees
Amendments
This bill has no amendments.
Bill Status
| Introduced | ![]() | Voted on by Senate | ![]() | Voted on by House | ![]() | Considered By President | ![]() | Bill Becomes Law |
| December 14, 2007 |
Users tracking S.2490 (2) are also tracking:
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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 ...
Source: Reverse Your Mortgage
April 25, 2008 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
Source: Reverse Mortgage Guide
April 11, 2008 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: [...]











