Bill
Bill > S469
US S469
US S469A bill to assist the Secretary of Housing and Urban Development in stabilizing the Home Equity Conversion Mortgage program.
summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
113th Congress
Bill Summary
Amends the National Housing Act to require that, to be eligible for insurance under the Home Equity Conversion Mortgage program for elderly homeowners, a mortgage contain terms and provisions with respect to property maintenance as well as for establishing escrow accounts, performing financial assessments, or limiting the amount of any payment made available under the mortgage. Authorizes the Secretary of Housing and Urban Development (HUD) to establish any additional or alternative requirements necessary to more effectively carry out such Act.
AI Summary
This bill aims to stabilize the Home Equity Conversion Mortgage (HECM) program, which allows elderly homeowners to convert home equity into cash. It amends the National Housing Act to require that HECM mortgages include specific terms and provisions related to property maintenance, establishing escrow accounts (funds set aside for specific purposes like property taxes and insurance), performing financial assessments of borrowers, and limiting the amount of money that can be disbursed under the mortgage. Additionally, the bill grants the Secretary of Housing and Urban Development (HUD) the authority to issue notices or mortgagee letters to establish any further or different requirements deemed necessary to improve the program's effectiveness.
Committee Categories
Housing and Urban Affairs
Sponsors (2)
Last Action
Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held. With printed Hearing: S.Hrg. 113-61. (on 06/18/2013)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/113th-congress/senate-bill/469/all-info |
| BillText | http://gpo.gov/fdsys/pkg/BILLS-113s469is/pdf/BILLS-113s469is.pdf |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-113s469is/pdf/BILLS-113s469is.pdf.pdf |
Loading...