H.R. 3006 (101st): Reverse Mortgage Insurance for Older Americans Act of 1989

Introduced:
Jul 25, 1989 (101st Congress, 1989–1990)
Sponsor:
Rep. James Florio [D-NJ1]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on July 25, 1989, in a previous session of Congress, but was not enacted.

Progress
Introduced Jul 25, 1989
Cosponsors
1 cosponsors (1D) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the National Housing Act to expand the demonstration program of insurance of home equity conversion mortgages for elderly homeowners.

Summary

No summaries available.

Text

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Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

7/25/1989--Introduced.
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.

House Republican Conference Summary

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House Democratic Caucus Summary

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