A bill 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) set forth various reverse mortgage options; (3) permit the mortgagor to convert payment methods during the term of the mortgage; (4) limit mortgagor liability; and (5) require certain disclosures by the mortgagee regarding mortgagor liability and total mortgage cost.
Introduced in Senate
Read twice and referred to the Committee on Banking.
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