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.
Authorizes the Secretary of Housing and Urban Development (HUD) to establish any additional or alternative requirements necessary to more effectively carry out such Act.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2013-06-18 | Committee | Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held. With printed Hearing: S.Hrg. 113-61. | Senate |
| 2013-03-06 | IntroReferral | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. | Senate |
| 2013-03-06 | IntroReferral | Introduced in Senate | Library of Congress |