To amend section 255 of the National Housing Act to prevent the funding of unnecessary or excessive costs for obtaining a home equity conversion mortgage.
Senior Homeowner Reverse Mortgage Protection Act - Amends the National Housing Act with respect to home equity conversion mortgages to: (1) require full disclosure to the mortgagor of all mortgage costs, including estate planning, financial advice, or other related costs; and (2) provide for imposition of restrictions by the Secretary of Housing and Urban Development to ensure that the mortgagor is not charged for such costs.
Introduced in House
Introduced in House
Referred to the House Committee on Banking and Financial Services.
Referred to the Subcommittee on Housing and Community Opportunity.
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