[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3607 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 3607

To amend section 255 of the National Housing Act to waive the up-front 
premiums otherwise payable by elderly homeowners for insurance of home 
equity conversion mortgages the proceeds of which are used to purchase 
                       long-term care insurance.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 9, 2000

 Mr. LaFalce introduced the following bill; which was referred to the 
              Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend section 255 of the National Housing Act to waive the up-front 
premiums otherwise payable by elderly homeowners for insurance of home 
equity conversion mortgages the proceeds of which are used to purchase 
                       long-term care insurance.

    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 ``Affordable Long-Term Care Insurance 
Act''.

SEC. 2. WAIVER OF UP-FRONT PREMIUMS FOR HOME EQUITY CONVERSION 
              MORTGAGES USED TO PURCHASE LONG-TERM CARE INSURANCE.

    Section 255 of the National Housing Act (12 U.S.C. 1715z-20) is 
amended by adding at the end the following new subsection:
    ``(l) Waiver of Up-Front Premiums.--
            ``(1) In general.--In the case of any mortgage insured 
        under this section under which the total amount of all future 
        payments described in subsection (b)(3) will be used only for 
        costs of a qualified long-term care insurance contract covering 
        the mortgagor or members of the household residing in the 
        property that is subject to the mortgage, notwithstanding 
        section 203(c)(2), the Secretary shall not charge or collect 
        the single premium payment otherwise required under 
        subparagraph (A) of such section to be paid at the time of 
        insurance.
            ``(2) Definition.--For purposes of this subsection, the 
        term `qualified long-term care insurance contract' has the 
        meaning given such term in section 7702B of the Internal 
        Revenue Code of 1986 (26 U.S.C. 7702B)''.
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