Congress weighs lifting limit on FHA backed reverse mortgages
Utah Democrat Jim Matheson has introduced a bill HR391 that would permanently waive the limit on the number of reverse annuity mortgages that the FHA is allowed to insure. It passed the house on a voice vote yesterday and requires senate approval now.
See this press release for more details.
Groups such as AARP strongly support the measure, noting that the growing
demand continues to push against the existing statutory limit
on the number of active loans that can be insured, preventing elderly
homeowners from using the program.
The summary of the bill is:
Authorizes the Secretary of Housing and Urban Development to continue,
until February 15, 2007, to insure, and to enter into commitments to
insure, home equity conversion mortgages for elderly homeowners under
the National Housing Act, without regard to the maximum aggregate
number of mortgages insured or maximum dollar amount of insurance
benefits specified in such Act.
Technorati Tags: Jim Matheson, HR391, AARP, Reverse Mortgage
