legislation: 96-hr-4598

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
96-hr-4598 96 hr 4598 Elderly Homeowner's Relief Act Housing and Community Development 1979-06-25 1979-06-25 Referred to House Committee on Banking, Finance and Urban Affairs. House Rep. Donnelly, Brian J. [D-MA-11] MA D D000416 28 Elderly Homeowner's Relief Act - Amends the Home Owner's Loan Act of 1933 to permit Federal savings and loan associations to offer reverse annuity mortgages on the security of first liens upon residential real property in accordance with regulations promulgated by the Federal Home Loan Bank Board. Requires the regulations issued by the Board to include provisions which: (1) entitle applicants to withdraw without penalty from the mortgage agreement within 17 days of its consummation; (2) assure notice to consumers of all contingencies under the terms of the mortgage in the event of default; (3) provide all applicants an opportunity for refinancing at the end of the mortgage term; (4) allow prepayment at any one time without penalty; (5) require all associations to purchase annuities from an insurance company licensed by the State of their incorporation; (6) prohibit any variable interest rate on the mortgage loan; and (7) require applicants to receive a written notice of the terms of the mortgage loan containing specified provisions. 2025-09-02T13:53:29Z  

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