HR 3006
101th Congress
House
Housing and Community Development
Home equity conversion
Home ownership
Housing for the aged
Mortgage guaranty insurance
Reverse Mortgage Insurance for Older Americans Act of 1989
Introduced: July 25, 1989
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 1, 1989
Referred to the Subcommittee on Housing and Community Development.
Jul 25, 1989
Referred to the House Committee on Banking, Finance + Urban Affrs.
Jul 25, 1989
Introduced in House
Plain-English summary
Reverse Mortgage Insurance for Older Americans Act of 1989 - Amends the National Housing Act with regard to the elderly homeowner equity conversion mortgage program to: (1) increase the total number of insured mortgages; (2) modify the maximum value of convertible home equity (95 percent of median home price in the United States or in a particular area); (3) set forth various reverse mortgage options; (4) permit the mortgagor to convert payment methods during the term of the mortgage; (5) limit mortgagor liability; and (6) require certain disclosures by the mortgagee regarding mortgagor liability and total mortgage cost.
What's happening now
Referred to the Subcommittee on Housing and Community Development.
Committees of jurisdiction
2
Cosponsors
1