Comments on: Washington State Proposes Proprietary Reverse Mortgage Legislation

By: Brenda H

Brenda H — Thu, 13 Oct 2011 02:10:00 +0000

Living with my parents they bolth are no longer living and the family is still living how long can they stay in the house before the bank takes the house

By: Mary L

Mary L — Tue, 05 May 2009 13:59:05 +0000

Can anyone tell how to start to get help for My moms reverse mortage.
1. she wants to undo this
2. from Cincinnati, Ohio
3. Do you have numbers or any one else that could help.

thanks for the response yeasterday.
sincerely;
Mary

By: Mary L

Mary L — Mon, 04 May 2009 23:37:48 +0000

Can anyone tell me how I can help my mother “undo” her reverse mortage? or get out of what she did? the bank will not help or give advice.

By: Bryan Bledsoe

Bryan Bledsoe — Thu, 26 Mar 2009 20:29:53 +0000

I would think that a place on the site where legislative inormation was posted would be a great benfit to those in the industry. Wshington State needs legislative contact and action right now, not sometime in the future.

By: admin

admin — Thu, 26 Mar 2009 19:32:42 +0000

Bryan,

Do you think it would be helpful if I set up a section of RMD that shows what people can do to help the legislative issues in each state?

Your information is great and I’m sure there are people in Washington who want to do their part to help.

By: Bryan Bledsoe

Bryan Bledsoe — Thu, 26 Mar 2009 17:41:39 +0000

It is my understanding that Senate Bill 5400 is dead because a Senator added an amendment that changed the title to a collections bill.

In Washington State we need House Bill 1311 adopted by the senate and passed by both in order to undo the damage caused by SB-6174 last year. The unintended consequence was that all lenders licensed under the Consumer Loan Act could no longer offer Reverse Mortgages. Only those lenders with a federal charter. So companies like JB Nutter, Sun West, Generation Mortgage, etc are unable to do business in the state.

This limits senior’s choice particularly where some of the federal chartered institutions don’t offer the fixed rate or purchase option.

If you are a resident or do business in Washington State contact your Senator and Representatives – you can look them up at http://www.leg.wa.gov/legislature
You can send a note or letter to all three at once.

It needs to be done now as the legislature is going to become focused on the financial shortfall that the state is ready to experience and issues like this will fall by the side of the road.

By: James A. Nelson

James A. Nelson — Thu, 26 Mar 2009 14:17:11 +0000

At first glance, the bill appears very “consumer friendly”, which is a good thing. I believe those in Olympia responsible for writing the details of this new bill may have learned from the last “new bill mishap” when the Legislature passed a probition against
negative amerazation (I could’t find this damn word spelling in my dictionary and Admin won’t provide a spellchecker, sorry.) loans, which of course legally
stopped Reverse Mortgages. Confusion reigned until the mischief was either ignored or corrected (I’m not sure which.) The law of unintended consequences prevails when those who don’t know all the facts write laws.

By: New State Bills Surrounding Proprietary Reverse Mortgages | Reverse Mortgage Observer

Wed, 25 Mar 2009 21:47:35 +0000

[...] The Washington bill protects both the lender and the consumer from eachother. The bill appears similar in some ways to the Arizona bill by mandating counseling. It requires basic protections, ensuring that there is a right of recession and that the payments go to the correct party. However, the bill is also notable because it adds provisions for the lender, helping to confirm that the lender can afford to make the payments in the reverse mortgage and that they are held accountable if they do not. The Washington bill appears to be designed to prevent court cases and help provide guidance to the courts in determining disputes. It also is likely to serve as an important step in protecting seniors in the proprietary reverse mortgage market–especially since one only needs to be 60 to qualify for a proprietary reverse mortgage in Washington State. [...]