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United States · Bill · HR

H.R. 4598 (96th)

Elderly Homeowner's Relief Act

referredUnited States· United States Congress· EN

Introduced

25 June 1979

Last action

25 June 1979 · Introduced

Status

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

Sponsors

Rep. Donnelly, Brian J. [D-MA-11], Rep. Weiss, Ted [D-NY-17], Del. Won Pat, Antonio B. [D-GU-At Large], Rep. Boland, Edward P. [D-MA-2], Rep. Vento, Bruce F. [D-MN-4], Rep. Lehman, William [D-FL-17], Rep. Flood, Daniel J. [D-PA-11], Rep. Yatron, Gus [D-PA-6], Rep. Sabo, Martin Olav [D-MN-5], Rep. LaFalce, John J. [D-NY-29], Sen. Daschle, Thomas A. [D-SD], Rep. Stokes, Louis [D-OH-11], Rep. Downey, Thomas J. [D-NY-2], Rep. Ottinger, Richard L. [D-NY-20], Rep. Staggers, Harley O. [D-WV-2], Rep. Lowry, Mike [D-WA-7], Rep. McCormack, Mike [D-WA-4], Rep. Pritchard, Joel [R-WA-1], Rep. Patterson, Jerry M. [D-CA-38], Rep. Carter, Tim Lee [R-KY-5], Rep. Ferraro, Geraldine A. [D-NY-9], Rep. Coughlin, Lawrence [R-PA-13], Rep. Jenrette, John W., Jr. [D-SC-6], Rep. Maguire, Andrew [D-NJ-7], Rep. Murphy, John M. [D-NY-17], Rep. Neal, Stephen L. [D-NC-5], Rep. Brown, Clarence, Jr. [R-OH-7], Rep. Wolff, Lester L. [D-NY-6], Sen. Wirth, Timothy [D-CO]

Subjects

Housing

Source updated

2 September 2025

Housing

Official sourceView documentsShare

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. 25 June 1979

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 25 June 1979

    Introduced

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

    Source: IntroReferral

  3. 25 June 1979

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

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Sponsors

Related records

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Sources

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