Protect Seniors From Reverse Mortgage Scams

HOUSE PASSES LAZIO BILL PROTECTING AMERICA’S
SENIORS FROM REVERSE MORTGAGE SCAMS

WASHINGTON, D.C. -- The U.S. House of Representatives today passed legislation authored by Congressman Rick Lazio (R-Long Island), Chairman of the House Subcommittee on Housing and Community Opportunity, that will help weed out reverse mortgage providers who are preying upon America’s senior homeowners.

Chairman Lazio’s bill -- The Housing Programs Extension Act of 1997 -- includes legislative language authorizing the U.S. Department of Housing and Urban Development (HUD) to issue regulations protecting senior homeowners from being charged excessive or unnecessary fees in the reverse mortgage application process. The legislative language initially was part of the managers amendment to Lazio’s sweeping housing reform bill, H.R. 2 -- The Housing Opportunity and Responsibility Act of 1997 -- which passed the House in May by a vote of 293 to 132.