Skip to main content
S 1985 110th Congress Senate Housing and Community Development Congress Congressional investigations Congressional reporting requirements Cooperative housing Finance and Financial Sector Home equity conversion Housing for the aged Mortgage guaranty insurance Social Welfare

Capital Access for Senior Homeowners Act of 2007

Introduced: August 3, 2007 See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 3, 2007
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Aug 3, 2007
Introduced in Senate
 Plain-English summary Congressional Research Service

Capital Access for Senior Homeowners Act of 2007 - Amends the National Housing Act with respect to insurance of home equity conversion mortgages for elderly homeowners.

Repeals the 275,000 cap on the aggregate number of such mortgages insured under the Act.

Authorizes the Secretary of Housing and Urban Development to insure a home equity conversion mortgage when the primary purpose of such mortgage is to enable an elderly mortgagor to purchase a one- to four-family dwelling in which the mortgagor will occupy or occupies one of the units.

Extends the meaning of mortgage which may be insured to: (1) a first or subordinate mortgage or lien on all stock allocated to a dwelling unit in a residential cooperative housing corporation; or (2) a first mortgage or first lien on a leasehold under certain related leases.

Directs the Comptroller General to study and report to Congress on the costs and availability of credit under the home equity conversion mortgages for elderly homeowners program.

What's happening now August 3, 2007

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1