S.1985 - Capital Access for Senior Homeowners Act of 2007

A bill to improve access of senior homeowners to capital. view all titles (2)

All Bill Titles

  • Short: Capital Access for Senior Homeowners Act of 2007 as introduced.
  • Official: A bill to improve access of senior homeowners to capital. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
08/03/07
 
 
 
 
 
 
 

Official Summary

Capital Access for Senior Homeowners Act of 2007 - Amends the National Housing Act with respect to insurance of home equity conversion mortgages for elderly homeowners. Repeals the 275,000 cap on the aggregate number of such mortgages insured under the Act. Authorizes the Secretary of Housi

Official Summary

Capital Access for Senior Homeowners Act of 2007 - Amends the National Housing Act with respect to insurance of home equity conversion mortgages for elderly homeowners. Repeals the 275,000 cap on the aggregate number of such mortgages insured under the Act. Authorizes the Secretary of Housing and Urban Development to insure a home equity conversion mortgage when the primary purpose of such mortgage is to enable an elderly mortgagor to purchase a one- to four-family dwelling in which the mortgagor will occupy or occupies one of the units. Extends the meaning of mortgage which may be insured to:
(1) a first or subordinate mortgage or lien on all stock allocated to a dwelling unit in a residential cooperative housing corporation; or
(2) a first mortgage or first lien on a leasehold under certain related leases. Directs the Comptroller General to study and report to Congress on the costs and availability of credit under the home equity conversion mortgages for elderly homeowners program.

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