Bill
A 1111
Overview: Bill Number: A 1111, Title: Establishes a reverse mortgage loan program for seniors and requires counseling, Status: REFERRED TO HOUSING, Introduced: January 09, 2025Purp
Overview: Bill Number: A 1111, Title: Establishes a reverse mortgage loan program for seniors and requires counseling, Status: REFERRED TO HOUSING, Introduced: January 09, 2025
Purpose and Intent: The main goal of this bill is to establish a reverse mortgage loan program specifically for senior citizens in the state. The program aims to provide financial assistance and access to home equity for seniors, helping them meet their financial needs during retirement.
Key Provisions:
- Creates a reverse mortgage loan program administered by the state housing finance agency
- Requires seniors to undergo mandatory counseling before obtaining a reverse mortgage to ensure they understand the terms and implications
- Establishes guidelines and eligibility criteria for the reverse mortgage program
- Provides consumer protections and disclosure requirements for reverse mortgage lenders
Affected Parties and Impacts: This bill would primarily benefit senior citizens aged 62 and older who own their homes and are looking to access their home equity through a reverse mortgage. The program could help seniors supplement their retirement income, cover medical expenses, or make home improvements. Reverse mortgage lenders would also be affected, as they would need to comply with the new state-level requirements.
Procedural and Timeline Considerations: The bill has been referred to the Housing Committee for further consideration. If passed, the reverse mortgage program would need to be implemented and promoted to eligible seniors within the state.
Compiled from official sources — confirm details with the bill’s official record.
Sign in to ask a question.
