Senate passes bill aimed at boosting the soundness of reverse mortgages

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The House passed the bill last month by voice-vote and the Senate passed the bill through a unanimous consent agreement.

Senate passage now sends the bill to President Obama’s desk for his signature.

The bill amends the National Housing Act, with respect to mortgage insurance for home equity conversion mortgages — reverse mortgages — of elderly homeowners, to authorize the Secretary of Housing and Urban Development (HUD) to establish, by notice or mortgagee letter, any additional or alternative requirements determined necessary to improve the fiscal safety and soundness of the reverse mortgage program.