The latest estimates for the Social Security trust fund continue to forecast a depletion by 2035, and the state of the fund has only become further strained due to the economic impact of the COVID-19 coronavirus pandemic. Addressing the need to strengthen the entitlement programs remains essential work for legislators, and that is what the […]
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 […]
A legislator in Montgomery County, New York recommended confronting an issue of lost tax revenue and foreclosure through the use of a little-used instrument: a reverse mortgage. During a meeting of the committees of the Montgomery County Legislature which took place on July 21, legislators discussed that the county recorded as much as $1.5 million […]
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 […]
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 […]
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 […]
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 […]
After striking a deal in the early hours of Wednesday morning between Senate Republicans, Democrats and the White House, the U.S. Senate on Wednesday moved toward a vote on an historic stimulus bill aimed to relieve economic stress for Americans affected by the outbreak of the COVID-19 coronavirus. The bill will reportedly relax some of […]
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 […]
A bill that was passed in both houses of the New York State Assembly which would have authorized reverse mortgage cooperative apartment unit loans for the state’s senior population, while also providing additional consumer protections, was vetoed by the state’s governor shortly before the start of the holidays. New York State Senate Bill S03686, which […]
