Reverse Mortgage Legislator Elected Lt. Governor of Washington State

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 […]

House Reverse Mortgage Legislators Out After Primary Election Results

Two members of the United States House of Representatives who were each spearheading the creation of new reverse mortgage-centric legislation will not be returning to Capitol Hill in 2021, throwing the future of the proposed laws they each spearheaded into flux. This is based on the results of Tuesday night’s primary elections in the states […]

New Reverse Mortgage Foreclosure Bill Passes in New York

A new bill in New York requiring area lenders to notify the state’s Department of Financial Services (DFS) and mortgagors of an impending foreclosure action has passed both houses of the state’s legislature, and is now awaiting the delivery to, and signature of Governor Andrew Cuomo to become law. The bill, known as A5627 in […]

Washington D.C. Passes Law to Expand Reverse Mortgage Borrower Assistance

A new law implemented by the local government of the nation’s capital is extending protections for reverse mortgage borrowers in the area who find themselves in delinquency. The Council of the District of Columbia, the legislative branch of the local government, has passed the “Reverse Mortgage Insurance and Tax Payment Program Temporary Amendment Act of […]

Foreclosure Protection Bill Includes Reverse Mortgage Borrowers, Lacks Republican Support

A bill introduced into the United States House of Representatives seeking to prevent evictions, foreclosures, and unsafe housing conditions resulting from the COVID-19 pandemic includes reverse mortgage borrowers, and was recently passed in the House before being sent to the U.S. Senate. The bill, House Resolution (H.R.) 7301 known as the “Emergency Housing Protections and […]

[Updated] Mass. Legislature Passes Bill Permitting Phone, Video Counseling During Coronavirus

The Massachusetts House of Representatives and state Senate passed a bill late last week providing a statewide moratorium on foreclosures and evictions during the COVID-19 coronavirus emergency, which also features a provision permitting telephone or video counseling for reverse mortgage transactions for the duration of the current emergency. The bill was then signed into law […]

Reverse Mortgage Legislation Takes Back Seat to Washington Tumult

A series of proposed legislative and administrative changes to the Federal Housing Administration’s (FHA’s) Home Equity Conversion Mortgage (HECM) program have not moved forward in Washington, D.C., as politicians in the nation’s capital have focused on other, more tumultuous and immediate concerns. In addition to a series of legislative and administrative proposals submitted by the […]