Reverse Mortgage Elder Protection Act

Summary

Reverse Mortgage Elder Protection Act - Amends the Truth in Lending Act to prohibit a creditor from taking an application for a reverse mortgage unless the creditor has provided the applicant with: (1) a specified written cautionary statement before the applicant receives any counseling regarding reverse mortgages; (2) a specified written checklist before meeting with a counseling agency about reverse mortgages; and (3) a referral to a housing counseling agency for reverse mortgage counseling approved by the Department of Housing and Urban Development (HUD). Requires a counseling agency to provide the same kind of written checklist to a consumer that seeks counseling before requesting a loan application for a reverse mortgage. Prohibits a creditor from either accepting a final application for a reverse mortgage, or from assessing any related fees, unless the creditor has received from the consumer or the consumer's authorized representative: (1) a written certification that the consumer has received counseling regarding reverse mortgages from a HUD-approved agency; and (2) a copy of the prescribed checklist signed by the agency counselor and by the consumer.

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Timeline

1. 12 January 2010

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 12 January 2010

   Introduced

   Introduced in House

   Source: IntroReferral

3. 12 January 2010

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 12 January 2010 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 12 January 2010

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 12 January 2010

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 12 January 2010

  Open at official source

Sponsors

• Rep. Sestak, Joe [D-PA-7] · D · Sponsor
• · hsba00 · Standing

Related records

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