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HR 3221 passed yesterday Will the President Veto?

Mortgage and Lending with Reverse Mortgage Advisor

 FHA Modernization language included in Bill HR 3221

A major housing bill HR 3221 passed yesterday. The president has threatenened to veto it.
How does this affect seniors?

The reverse mortgage association NRMLA has been working on this legislation to help older homeowners for years! We need higher loan limits to help seniors.

FHA Modernization HR 3221 language includes:

  •  co-ops eligible for HECM reverse mortgages
  • permanently eliminating the volume cap on how many FHA reverse mortgages my be insured by HUD
  • allowing HECM reverse mortgages to be used for home purchases -allowing a reverse mortgage to be used for down sizing. A senior will be able to use this mortgage for purchase, thus freeing up more cash for daily living and quality of life.
  • Raise the loan limits to free up more equity for seniors in higher median home value areas.

If you have a question on reverse mortgages, please call Angella 866-949-7030 or log onto www.reverse-your-mortgage.com

Ray Nelson
Exit Realty Expertise - Fredericksburg, VA

Bush does seem a little veto happy this term. I guess since he doesn't have to run for re-election he figures he doesn't have anything to lose!


Jun 25, 2008 03:55 AM
Angella Conrard
Reverse Mortgage Advisor - San Clemente, CA

I agree, too bad these guys are not on the front lines enough, viewing the world from helicopters doesn't seem to give them the real experience.

Jun 25, 2008 04:08 AM
Ted Baker
Carmody and Associates LLC - Winter Haven, FL

Angella - it doesn't appear to me that we have final passage yet.  Looks like continuing action to conform house and senate versions. I may be missing something.

Unfortunately they are attaching the FHA modernization language to a bill with other topics - some of which may attract a Presidential veto. 

< sigh >  politicians !


Jun 29, 2008 05:11 PM
Angella Conrard, Reverse Mortgage advisor


You are  right, I just wasn't clear on my post. It passed both House & Senate and they must put it to committee to get the final version, which as you said may receive a veto by the president because it is lumped in with other topics. It is unfortunate, I wish they could hear some of the stories I hear from the seniors who need this. :(

Jun 30, 2008 10:17 AM