A bill to assist the Secretary of Housing and Urban Development in stabilizing the Home Equity Conversion Mortgage program.

Bill: 113-s-469
Sponsor: full_name: Sen. Menendez, Robert [D-NJ]
Introduced: 2013-03-06
Policy area: Housing and Community Development
Subjects: Housing finance and home ownership

Housing for the elderly and disabled

Residential rehabilitation and home repair
Latest action: action_date: 2013-06-18
text: Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held. With printed Hearing: S.Hrg. 113-61.

Summaries:
action_date: 2013-03-06
action_desc: Introduced in Senate
text: <p>Amends the National Housing Act to require that, to be eligible for insurance under the Home Equity Conversion Mortgage program for elderly homeowners, a mortgage contain terms and provisions with respect to property maintenance as well as for establishing escrow accounts, performing financial assessments, or limiting the amount of any payment made available under the mortgage.</p> <p>Authorizes the Secretary of Housing and Urban Development (HUD) to establish any additional or alternative requirements necessary to more effectively carry out such Act.</p>

tv_txt: II 113th CONGRESS 1st Session S. 469 IN THE SENATE OF THE UNITED STATES March 6, 2013 Mr. Menendez introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To assist the Secretary of Housing and Urban Development in stabilizing the Home Equity Conversion Mortgage program.

1. Stabilizing the HECM program Section 255 of the National Housing Act ( 12 U.S.C. 1715z–20 ) is amended— (1) in subsection (d)(8)— (A) by inserting property maintenance, before insurance ; and (B) by inserting , including matters that set forth terms and provisions for establishing escrow accounts, performing financial assessments, or limiting the amount of any payment made available under the mortgage before the semicolon; and (2) in subsection (h)— (A) in paragraph (1), by striking ; and and inserting a semicolon; (B) in paragraph (2), by striking the period and inserting ; and ; and (C) by adding at the end the following new paragraph: (3) by notice or mortgagee letter, establish any additional or alternative requirements that the Secretary, in his or her discretion, determines necessary to more effectively carry out the provisions of this section, and any such notice or mortgagee letter shall take effect upon issuance. .