To amend the National Housing Act to expand the demonstration program of insurance of home equity conversion mortgages for elderly homeowners.
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.
Introduced in House
Introduced in House
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the Subcommittee on Housing and Community Development.
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