A bill to assist the Secretary of Housing and Urban Development in stabilizing the Home Equity Conversion Mortgage program.

Summary

Amends the National Housing Act to require that, to be eligible for insurance under the Home Equity Conversion Mortgage program for elderly homeowners, a mortgage contain terms and provisions with respect to property maintenance as well as for establishing escrow accounts, performing financial assessments, or limiting the amount of any payment made available under the mortgage. Authorizes the Secretary of Housing and Urban Development (HUD) to establish any additional or alternative requirements necessary to more effectively carry out such Act.

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

Timeline

1. 6 March 2013

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 6 March 2013

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 18 June 2013

   Committee

   Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held. With printed Hearing: S.Hrg. 113-61.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 6 March 2013 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 6 March 2013

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 6 March 2013

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 6 March 2013

  Open at official source

Sponsors

• Sen. Menendez, Robert [D-NJ] · D · Sponsor
• Kirsten Gillibrand · D · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Swap Jurisdiction Certainty Act
• related to ← FHA Solvency Act of 2013