Industry News

House passes reverse mortgage bill

Bill would remove limits on number of HUD-insured loans
Published on Dec 15, 2005

The Reverse Mortgage to Help America's Seniors Act, sponsored by Reps. Michael Fitzpatrick and Jim Matheson, amends the National Housing Act by removing the existing cap of 250,000 reverse mortgages that HUD can insure at any given time, the association said. A Senate version of the bill introduced by Sen. Rick Santorum is pending approval, and both bills enjoy bi-partisan support in Congress and are endorsed by senior citizens' advocacy group AARP, according to the reverse mortgage association. "NRMLA commends Reps. Fitzpatrick and Matheson for their leadership in getting this bill through the House of Representatives," said Peter Bell, President of NRMLA, in a statement. "As the popularity of reverse mortgages continues to grow nationally, it's absolutely critical that the cap is removed to avoid a disruption in the marketplace," Bell said. During the most recent federal fiscal year ending Sept. 30, HUD insured a 43,131 reverse mortgages, a record number, for a fifth con...

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