The Massachusetts State Legislature has extended a series of relief measures related to the COVID-19 pandemic, adding an additional six months to allow for phone and video-based reverse mortgage counseling. A more permanent measure is under consideration.
A new bill aiming to allow reverse mortgages for co-op residents in the state of New York has passed the legislature, but could encounter difficulty in getting a signature from Gov. Andrew Cuomo.
The Texas state legislature is in the process of debating two bills that will have an impact on reverse mortgages in the state, specifically on issues related to deceptive advertising and foreclosures.
A government relations expert within the reverse mortgage industry describes the importance to the business of engaging with legislators at the state and federal levels, and how industry players can get involved.
As the White House promotes a massive infrastructure spending package, reverse mortgages are left waiting while a Biden administration budget proposal is formulated.
A political professional gives the reverse mortgage industry an overview of how the political realities are playing out in Washington, D.C., describing an environment of competing crises and lack of housing appointees as taking up much of the political bandwidth available for other issues.
The reverse mortgage industry is making another effort to assist in developing legislation which would allow reverse mortgage loans on co-ops, after a veto from Governor Andrew Cuomo derailed a previous effort at the end of 2019.
The American Rescue Plan Act of 2021 doesn’t have reverse mortgage-specific provisions, but a $10 billion Homeowners Assistance Fund could be used by HECM borrowers for help during the pandemic.
A bill in New York requiring area lenders to notify the state’s Department of Financial Services (DFS) and mortgagors of an impending foreclosure action on reverse mortgage borrowers has been signed into law by Governor Andrew Cuomo, codifying the measure into law after being passed by both houses of the state legislature this past summer. […]
U.S. Representative Denny Heck (D-Wash.), who represents Washington state’s 10th congressional district in the U.S. House of Representatives, defeated his opponent in Tuesday’s general election in a contest deciding the next lieutenant governor of Washington state. This is according to data from the Washington secretary of state’s office and the Seattle Times. Heck, who announced […]