H.R.2475 - Veteran Home Equity Conversion Mortgage Act of 2007110th Congress (2007-2008)
|Sponsor:||Rep. Michaud, Michael H. [D-ME-2] (Introduced 05/24/2007)|
|Committees:||House - Veterans' Affairs; Financial Services|
|Latest Action:||House - 12/10/2007 Referred to the Subcommittee on Financial Institutions and Consumer Credit. (All Actions)|
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Summary: H.R.2475 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in House (05/24/2007)
Veteran Home Equity Conversation [sic] Mortgage Act of 2007 - Authorizes the Secretary of Veterans Affairs to guarantee any home equity conversion mortgage (mortgage) made to an elderly (62 or older) veteran homeowner, as long as the Secretary determines that the mortgage: (1) is likely to improve the financial situation or otherwise meet the special needs of the homeowner; (2) will include safeguards to offset special risks associated with such a mortgage; and (3) has appropriate terms to ensure its acceptance in the secondary mortgage market.
Allows such mortgage to be guaranteed only if it is secured by a dwelling, farm residence, or manufactured home permanently affixed to a lot that is owned and occupied by the elderly veteran homeowner.
Authorizes the Secretary to: (1) guarantee any mortgage given to refinance an existing home equity conversion mortgage guaranteed by the Secretary; (2) establish a mortgage guarantee fee; and (3) waive the mortgage guarantee fee in certain circumstances.