Elderly Homeowners Relief Act

Summary

Elderly Homeowner's Relief Act - Amends the Home Owner's Loan Act of 1933 to permit Federal savings and loan associations to offer reverse annuity mortgages on the security of first liens upon residential real property in accordance with regulations promulgated by the Federal Home Loan Bank Board. Requires the regulations issued by the Board to include provisions which: (1) entitle applicants to withdraw without penalty from the mortgage agreement within 17 days of its consummation; (2) assure notice to consumers of all contingencies under the terms of the mortgage in the event of default; (3) provide all applicants an opportunity for refinancing at the end of the mortgage term; (4) allow prepayment at any one time without penalty; (5) require all associations to purchase annuities from an insurance company licensed by the State of their incorporation; (6) prohibit any variable interest rate on the mortgage loan; and (7) require applicants to receive a written notice of the terms of the mortgage loan containing specified provisions.

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

Timeline

1. 2 April 1981

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

2. 2 April 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 2 April 1981

   Introduced

   Introduced in House

   Source: IntroReferral

4. 15 April 1981

   Referred

   Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.

   Source: Committee

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

• Introduced in House

  summary · EN · 2 April 1981

  Open at official source

Sponsors

• Rep. Donnelly, Brian J. [D-MA-11] · D · Sponsor
• · hsba00 · Standing

Related records

No cross-record relationships stored yet.