[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 1409 Introduced in Senate (IS)]

  1st Session
                                S. 1409

To amend section 255 of the National Housing Act to extend the mortgage 
 insurance program for home equity conversion mortgages, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           November 13, 1995

   Mr. D'Amato (for himself, Mr. Mack, and Mr. Bryan) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To amend section 255 of the National Housing Act to extend the mortgage 
 insurance program for home equity conversion mortgages, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Home Equity Conversion Mortgage Act 
of 1995''.

SEC. 2. EXTENSION OF FHA MORTGAGE INSURANCE PROGRAM FOR HOME EQUITY 
              CONVERSION MORTGAGES.

    (a) Extension of Program.--The first sentence of section 255(g) of 
the National Housing Act (12 U.S.C. 1715z-20(g)) is amended by striking 
``September 30, 1995'' and inserting ``September 30, 2000''.
    (b) Limitation on Number of Mortgages.--The second sentence of 
section 255(g) of the National Housing Act (12 U.S.C. 1715z-20(g)) is 
amended by striking ``25,000'' and inserting ``50,000''.
    (c) Eligible Mortgages.--Section 255(d)(3) of the National Housing 
Act (12 U.S.C. 1715z-20(d)(3)) is amended to read as follows:
            ``(3) be secured by a dwelling that is designed principally 
        for a 1- to 4-family residence in which the mortgagor occupies 
        1 of the units;''.
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