NRMLA submitted a letter to lawmakers requesting a revision to Senate Bill 5686, so that it more closely matches Washington’s reverse mortgage laws.
Dig Deeper: SB 5686 would, among other things, create an $80 foreclosure prevention fee to be paid at the closing of any residential mortgage, except reverse mortgages made to seniors over age 61.
Why It Matters: In its comments, NRMLA pointed out that the minimum age to obtain an FHA-insured HECM was 62 while under state law a borrower interested in a proprietary reverse mortgage must be at least 60 years old to qualify.
What they’re saying: NRMLA requested that SB 5686 be amended to state ‘excepting only reverse mortgage loans issued to seniors over the age of 59’ so the legislation includes all those seeking reverse mortgages in Washington.
Separately, NRMLA submitted a letter to Hawaiian lawmakers on February 26 in support of legislation that would create a state-sponsored reverse mortgage program while recommending clarifying language for certain sections.
