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S.2490

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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.

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 ... moreSee Full Bill Text

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Bill Status

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IntroducedresultVoted on by SenateresultVoted on by HouseresultConsidered By PresidentresultBill Becomes Law
December 14, 2007
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Blog Coverage feed

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


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


February 05, 2008 New Effort To Limit Annuities

S. 2490 — the Reverse Mortgage Proceeds Protection Act — was introduced in December by Sen Claire McCaskill(D-MO). The bill would get to an issue we hav… commercial loans mortgage rates bankruptcy loans cash loans personal loan car loan ...

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Source: Loan News


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