i_wmrc_2016a_2016-09-19t09:00:40z11 Hearing Summary

Date: 09/19/2016

03:34 PM -- Bill 1



Representative Singer presented Bill 1 (Attachment M) to the committee. A reverse mortgage provides a cash advance to the borrower based on the equity in the borrower's principal residence. Under current law, the borrower must repay the advance if he or she does not occupy the home as their principal residence, with exceptions for temporary absences of up to 60 days or, if the property is adequately secured, up to one year. The bill adds an additional exception to the principal residence requirement for borrowers who are unable to live in their home for at least 60 days and fewer than five years due to a natural disaster or incident beyond the borrower's control making the home uninhabitable. The bill applies to reverse mortgages for homes that are rendered uninhabitable by a natural disaster occurring on or after the effective date of the bill.



160919 AttachM.pdf

Senator Jones and Representative Singer are assigned as prime sponsors.







03:48 PM



The committee adjourned.