S.2490 - Reverse Mortgage Proceeds Protection Act Sponsor: Claire McCaskill / 110th Congress

Title
110th Congress - A bill to prohibit authorized lenders of home equity conversion mortgages from requiring seniors to purchase an annuity with the proceeds of a reverse mortgage, and to provide other consumer protections to reverse mortgage borrowers. hidemore...
Summary
A bill to prohibit authorized lenders of home equity conversion mortgages from requiring seniors to purchase an annuity with the proceeds of a reverse mortgage, and to provide other consumer protections to reverse mortgage borrowers. (by CRS)
Status
The bill has been introduced.

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Reversing criteria for reverse mortgages by Milan Sundaresan, Jul 16, 2008 (1:16am)

In order to protect elders from being cheated, S. 2490 calls to amend the National Housing Act of 1937 to change the eligibility criteria for reverse mortgages. Most importantly it barrs lenders from setting the purchase of an annuity with the proceeds of the mortgage as a precondition. The bill will also require government funding of mandatory counseling for both homeowners taking the reverse mortgage as well as those who choose otherwise.

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