Reverse Mortgage Insurance for Older Americans Act of 1989

Summary

Reverse Mortgage Insurance for Older Americans Act of 1989 - Amends the National Housing Act with regard to the elderly homeowner equity conversion mortgage program to: (1) increase the total number of insured mortgages; (2) modify the maximum value of convertible home equity (95 percent of median home price in the United States or in a particular area); (3) set forth various reverse mortgage options; (4) permit the mortgagor to convert payment methods during the term of the mortgage; (5) limit mortgagor liability; and (6) require certain disclosures by the mortgagee regarding mortgagor liability and total mortgage cost.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 25 July 1989

  Open at official source

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