The Reverse Mortgage Book: Everything you Need to Know Explained Simply By by Cindy Holcomb

Author:Cindy Holcomb
Language: eng
Format: epub
Publisher: Atlantic Publishing
Published: 2014-06-25T00:00:00+00:00

Chapter 18

Current News and Legislation

As the reverse mortgage has grown in popularity, there have been many changes to make the loan as senior-friendly as possible. Loans insured by the government are also regulated by the government.

H.R. 1852 — Expanding American Homeownership Act of 2007

The Expanding American Homeownership Act of 2007 was introduced into the House of Representatives on March 29, 2007. The act was passed by the House of Representatives on September 18, 2007, and was received by the Senate on September 19, 2007. The act was read by the Senate and referred to the Committee on Banking, Housing, and Urban Affairs.

The highlights of this bill that have an impact on reverse mortgages are:

Increases the lending limit which makes reverse mortgages available to more seniors who live in areas with high-priced housing markets.

Sets limits on fees associated with reverse mortgage, which could result in lower fees.

Removes the volume cap on the number of reverse mortgages that can be insured by FHA, which allows more reverse mortgages.

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