Veteran Home Equity Conversion Mortgage Act of 2007

Summary

Veteran Home Equity Conversation [ sic ] Mortgage Act of 2007 - Authorizes the Secretary of Veterans Affairs to guarantee any home equity conversion mortgage (mortgage) made to an elderly (62 or older) veteran homeowner, as long as the Secretary determines that the mortgage: (1) is likely to improve the financial situation or otherwise meet the special needs of the homeowner; (2) will include safeguards to offset special risks associated with such a mortgage; and (3) has appropriate terms to ensure its acceptance in the secondary mortgage market. Allows such mortgage to be guaranteed only if it is secured by a dwelling, farm residence, or manufactured home permanently affixed to a lot that is owned and occupied by the elderly veteran homeowner. Authorizes the Secretary to: (1) guarantee any mortgage given to refinance an existing home equity conversion mortgage guaranteed by the Secretary; (2) establish a mortgage guarantee fee; and (3) waive the mortgage guarantee fee in certain circumstances.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 24 May 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 24 May 2007

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 24 May 2007

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.