House Financial Services Committee Ranking Member Maxine Waters (D-Calif.) has introduced a bill to reform the Department of Housing and Urban Development’s (HUD) reverse mortgage programs.
The bill, called the Preventing Foreclosures on Seniors Act, would affect HUD’s Home Equity Conversion Mortgages program, which allows seniors to take out reverse mortgages.
Among the protections offered are loss mitigation options and non-borrowing spouses requirements. Read on for more of Waters’ bill.
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