Reverse Mortgage Proceeds Protection Act

Summary

Reverse Mortgage Proceeds Protection Act - Amends the National Housing Act of 1937 to modify the eligibility criteria for insurance of home equity conversion mortgages (reverse mortgages) of elderly home owners. Excludes from the third party adequate counseling requirement counseling by a reverse mortgage lender, servicer or investor, or an entity engaged in the sale of annuities, investments, long-term care insurance, or any other type of financial or insurance product. Repeals the waiver of upfront insurance premiums for mortgages to fund long-term care insurance. Authorizes the Secretary of Housing and Urban Development (HUD) to use a portion of reverse mortgage insurance premiums to fund mandatory counseling and disclosure activities, including counseling for homeowners who elect not to take out a home equity conversion mortgage. Directs the Secretary to promulgate regulations to protect elderly homeowners from the marketing of financial and insurance products not in their interest, including the marketing or sale of an annuity as a precondition to obtaining a home equity conversion mortgage.

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Timeline

1. 10 April 2008

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 10 April 2008

   Introduced

   Introduced in House

   Source: IntroReferral

3. 10 April 2008

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 10 April 2008 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 10 April 2008

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 10 April 2008

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 10 April 2008

  Open at official source

Sponsors

• Barbara Lee · D · Sponsor
• · hsba00 · Standing

Related records

• related to ← Reverse Mortgage Proceeds Protection Act