3.0.0 2490 2023-01-11T13:15:24Z 2023-01-11T13:15:24Z Senate S S 2007-12-14 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-12-14T22:42:03Z Reverse Mortgage Proceeds Protection Act 110 5758 HR 2008-04-10 Referred to the House Committee on Financial Services. Related bill CRS 2007-12-14 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2007-12-14 Introduced in Senate IntroReferral 10000 9 Library of Congress M001170 Sen. McCaskill, Claire [D-MO] Claire McCaskill D MO N K000305 Sen. Kohl, Herb [D-WI] HERBERT KOHL D WI H. 2007-12-14 True C000174 Sen. Carper, Thomas R. [D-DE] Thomas Carper D DE R. 2007-12-14 True Housing and Community Development Administrative procedure Annuities Commerce Consumer protection Counseling Department of Housing and Urban Development Finance and Financial Sector Financial services Government Operations and Politics Health Home equity conversion Housing for the aged Insurance premiums Labor and Employment Law Long-term care insurance Marketing Social Welfare Housing and Community Development 00 2007-12-14 Introduced in Senate 2008-03-05T22:05:31Z 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 up-front 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.

]]> Reverse Mortgage Proceeds Protection Act Display Title Reverse Mortgage Proceeds Protection Act Short Titles as Introduced Reverse Mortgage Proceeds Protection Act Official Title as Introduced 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. Introduced in Senate 2007-12-14T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2490is/xml/BILLS-110s2490is.xml 2007-12-14 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.