Summary: H.R.3006 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for H.R.3006. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (07/25/1989)

Reverse Mortgage Insurance for Older Americans Act of 1989 - Amends the National Housing Act with regard to the elderly homeowner equity conversion mortgage program to: (1) increase the total number of insured mortgages; (2) modify the maximum value of convertible home equity (95 percent of median home price in the United States or in a particular area); (3) set forth various reverse mortgage options; (4) permit the mortgagor to convert payment methods during the term of the mortgage; (5) limit mortgagor liability; and (6) require certain disclosures by the mortgagee regarding mortgagor liability and total mortgage cost.