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Senate Subcommittee to Hold Reverse Mortgage Hearing

A U.S. Senate subcommittee will hold a hearing Tuesday to discuss the sustainability of the reverse mortgage program.

The Senate Subcommittee on Housing, Transportation, and Community Development will meet in an open session for its hearing “Long Term Sustainability for Reverse Mortgages: HECM’s Impact on the Mutual Mortgage Insurance Fund (MMIF).”

Sen. Robert Menendez, chairman of the Subcommittee, will chair the hearing to be held at 10:00 AM (EDT) in Room 538 of the Dirksen Senate Office Building. 

In early March, Sen. Menendez introduced a bill that would allow the Federal Housing Administration (FHA) to make changes to its Home Equity Conversion Mortgage (HECM) program. 

Witnesses for Tuesday’s hearing include National Reverse Mortgage Lenders Association President and CEO Peter Bell; Dr. Lori A. Trawinski, Senior Strategic Policy Advisor of AARP Public policy Institute; Odette Williamson, staff attorney with National Consumer Law Center; and Ramsey Alwin, senior director of economic security with the National Council on Aging.

Last week, the House of Representatives passed a reverse mortgage stabilization bill that would authorize the Department of Housing and Urban Development (HUD) to make changes to the HECM program.

Written by Jason Oliva