|
|  |
|
 BackHOUSE OF REPRESENTATIVES
Committee Report
| Legislation: | HB 475 |
| Sponsor: | B. Short |
| Long Title: | AN ACT TO AMEND CHAPTERS 21 AND 22, TITLE 5 OF THE DELAWARE CODE RELATING TO REVERSE MORTGAGES. |
| Committee: | ECONOMIC DEVELOPMENT/BANKING & INSURANCE |
| Number of Committee Members: | 13 |
| Date of Report: | 06/19/2008 |
| Committee Vote: | Favorable: | On Its Merits: | Unfavorable: |
| 0 | 7 | 0 |
Purpose of the Bill : The bill’s intent is to protect seniors over the age of 62. The bill aims to make these individuals aware of the intricacies of reverse mortgage contracts. The bill allows the target population to access housing counseling.
Committee Findings: Matt Heckles of the Delaware State Housing Authority stated that he had spoken with members of the Federation of Housing Counselors and found that they were very supportive of the bill. The counselors also indicated that they had no problems with the bill. Chairwoman Stone noted that she appreciated Mr. Heckles efforts to contact the housing counselors. Rep. B. Short added that there is only small number of people who would benefit from the legislation. Mr. David Bakerian of the Delaware Bankers Association agreed and added that there were not a large number of individuals in Delaware who filed for these mortgages. Rep. B. Short added that he found that 76,802 seniors throughout the nation received FHA/HUD reverse mortgages in 2006.
|