A hotly-contested race for a California democratic House seat could have some implications for the reverse mortgage industry as voters decide between Howard Berman and HECM program supporter Brad Sherman in a race that has placed “Sherman vs. Berman” into local and national headlines.
Due to redistricting, the two Democratic incumbent representatives have found themselves competing for the same House seat despite their agreement on many issues and their recent past as co-reps in California.
Brad Sherman has long been a friend of the reverse mortgage industry, most recently appearing in a Congressional hearing solely devoted to the Federal Housing Administration’s reverse mortgage program.
“I am a proponent of making the reverse mortgage program better,” Rep. Sherman told RMD in a phone interview. “I like it when people can stay in their homes. I look forward to the reverse mortgage program being expanded and improved to help more seniors.”
Rep. Sherman, who sits on the House Financial Services Committee, recently co-sponsored an amendment to a bill that would lift a cap that is currently placed on the number of reverse mortgages that can be insured by the FHA.
While Rep. Sherman won by 10 points in his district’s June 5 primary election, the two congressmen will face off again in November.
“I have the fight of my life ahead of me,” Sherman said.
Written by Elizabeth Ecker
