MortgageReverse

Reverse Mortgage Provision Included In Final Text of Stimulus Bill

I received a handful of emails over the weekend asking for the actual text of The American Recovery and Reinvestment Act of 2009.  It sounds like there was rumors floating around that the reverse mortgage provision was removed but according to the text posted on the White House website it’s still included.  See below:

SEC. 1204. FHA REVERSE MORTGAGE LOAN LIMITS FOR 2009.

For mortgages for which the mortgagee issues credit approval for the borrower during calendar year 2009, the second sentence of section 255(g) of the National Housing Act (12 U.S.C. 1715z-20(g)) shall be considered to require that in no case may the benefits of insurance under such section 255 exceed 150 percent of the maximum dollar amount in effect under the sixth sentence of section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)).

The U.S. Government Printing Office has published the final text of the legislation on the White House’s website.  The reverse mortgage provision is in the Conference Report on H.R. 1 (1 of 5): President Obama is expected to sign the bill into law on Tuesday. 

The American Recovery and Reinvestment Act of 2009

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