H.R. 2475 · 110th Congress
Veteran Home Equity Conversion Mortgage Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MichaudSponsor3 cosponsors · 1 D, 2 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Veteran Home Equity Conversation [ sic ] Mortgage Act of 2007 - Authorizes the Secretary of Veterans Affairs to guarantee any home equity conversion mortgage (mortgage) made to an elderly (62 or older) veteran homeowner, as long as the Secretary determines that the mortgage: (1) is likely to improve the financial situation or otherwise meet the special…
What it does: CRS summary · Introduced in House · May 24, 2007
Veteran Home Equity Conversation [sic] Mortgage Act of 2007 - Authorizes the Secretary of Veterans Affairs to guarantee any home equity conversion mortgage (mortgage) made to an elderly (62 or older) veteran homeowner, as long as the Secretary determines that the mortgage: (1) is likely to improve the financial situation or otherwise meet the special needs of the homeowner; (2) will include safeguards to offset special risks associated with such a mortgage; and (3) has appropriate terms to ensure its acceptance in the secondary mortgage market.
Allows such mortgage to be guaranteed only if it is secured by a dwelling, farm residence, or manufactured home permanently affixed to a lot that is owned and occupied by the elderly veteran homeowner.
Authorizes the Secretary to: (1) guarantee any mortgage given to refinance an existing home equity conversion mortgage guaranteed by the Secretary; (2) establish a mortgage guarantee fee; and (3) waive the mortgage guarantee fee in certain circumstances.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Veteran Home Equity Conversion Mortgage Act of 2007
Latest action (Dec 10, 2007): Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Policy area: Armed Forces and National Security · Origin: House · Introduced: May 24, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.