Reverse Mortgages Take Center Stage in Upcoming Congressional Hearing

Reverse mortgage industry participants as well as non-affiliated housing experts will testify before members of Congress Wednesday in a hearing titled, “Oversight of the Federal Housing Administration’s Reverse Mortgage Program for Seniors.”

The hearing will include input from lenders including National Reverse Mortgage Lenders Association President and CEO Peter Bell and Generation Mortgage and Coalition for Independent Seniors Chairman Jeff Lewis. They will speak before the House Financial Services subcommittee on Insurance, Housing and Community Opportunity.

“This hearing will examine the federal Home Equity Conversion Mortgage product and lead to recommendations to improve a financial service tool that is helping our seniors cope with the expense of retirement while staying in their homes longer,” Lewis said in a statement.

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Additionally, counseling representatives including Money Management International Director of Housing Daniel Fenton and Barb Stucki, Vice President, Home Equity Initiatives, National Council on Aging.

AARP representative Lori Trawinski, Senior Strategic Policy Advisor, Consumer and State Affairs Team for AARP’s Public Policy Institute is scheduled to give testimony, as are two housing industry experts: New York Law School associated professor Houman Shadab and George Mason University professor of real estate finance, Anthony Sanders.

From the Department of Housing and Urban Development, Charles Coulter, Deputy Assistant Secretary for Single Family Programs, will represent FHA.

Those participating are expected to provide insight into the current state of the Federal Housing Administration’s Home Equity Conversion Mortgage (HECM) program, as well as recommendations toward improving it and cautions.

The hearing is scheduled for Wednesday, May 9 at 2 o’clock, PM Eastern.

Written by Elizabeth Ecker