Fitzpatrick Reverse Mortgage Bill Headed to Obama’s Desk

Fitzpatrick Head Shot 2012Congressman Mike Fitzpatrick (R-Bucks) scored a legislative victory yesterday as the Senate unanimously passed by voice vote H.R. 2167 Reverse Mortgage Stabilization Act of 2013.

The bill, of which Fitzpatrick is the primary Republican sponsor, was introduced by Rep. Denny Heck (D-WA) and passed the House last month by a unanimous voice vote as well. The bill now heads to the President’s desk to be signed into law.

“Reverse mortgages are a constructive and helpful tool to many seniors who want to stay in their own homes, by giving seniors access to the built-up capital in their home without having to sell or move, seniors are afforded the choice to set their retirement on their terms,” Rep. Fitzpatrick said in a statement released after the Senate vote.

“This important legislation gives the Department of Housing and Urban Development (HUD) the authority to make needed reforms to the Federal Housing Administration’s reverse mortgage, or HECM, program,” he went on to say. “These reforms are required by law to improve the safety and soundness of the program. While also protecting the consumer, this legislation improves the fiscal health of the HECM program to ensure reverse mortgages are available to those seniors who can benefit from these products.”

It marks legislative victory for Rep. Fitzpatrick who is expected to be highly targeted by the Democratic Party in the 2014 midterms. Currently, the non-partisan Cook Political Report rates Fitzpatrick’s district, which contains all of Bucks County and parts of upper Montgomery County, R+1, making him the most vulnerable incumbent in the state. Two Democratic challengers, army veteran Kevin Strouse and businesswoman Shaughnessy Naughton, have entered the race to challenge Fitzpatrick.

July 31st, 2013 | Posted in Congress, Front Page Stories, Top Stories | 4 Comments

4 thoughts on “Fitzpatrick Reverse Mortgage Bill Headed to Obama’s Desk”

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  2. Susan says:

    It would be very helpful to us seniors if we did not have to pay income tax on our Social Security retirement benefit.
    The congressman promised he would work to get that repealed. That promise has not even been discussed since he beat Murphy.

    I would rather see a loan/lien program run by HUD for the seniors, a low interest loan for the purpose of paying property taxes which is not payable until the home is sold.

  3. Ronald P. Staller says:

    Mr. Kirsch is speaking from a position of ignorance and is completely unaware of the importance and need for a quality Reverse Mortgage program in this country.
    I guess Mr. Kirsch believes that is it a much better idea that Sr’s in need of cash run their credit cards up to pay for daily living expenses? We “know” credit card interest rates are “Less” than the 3% rate in a Reverse Mortgage right?
    I guess Mr. Kirsch believes in the continuous attack on the “wealth” of the Sr’s is appropriate?
    I guess he believes the only group that has a right to the equity in the Sr’s homes are the politicians, as property tax, fuel taxes, real on the street inflation, and medical costs continue to rise?
    Please do not ever talk to me about the horrible Reverse Mortgage programs are until you have sat in front of home owners who are crying and begging for help.
    Please keep this in mind a Reverse Mortgage is like a gun. It can be used for Good and it can be used for Bad. Mr. Kirsch if you are looking for a scape goat for those who believe they were hurt with their reverse mortgage then please look at the originator who sold the program. I am willing to make a bet that the dissatisfied and victims of the “Reverse Mortgage” were targeted and abused by the originator and that after evaluating the “victims” situation you will find the violation came from the originator and not the program. Not everyone who asks for a Reverse Needs a Reverse.
    Does it need tweaks absolutely, but it should never be eliminated. How would the government plan to deal with the Sr’s who must sell their home a move and live somewhere and live off the equity from the sale of their home? Does this sound like a better solution?
    Let’s compare: The Sr’s could sell their homes and live off the proceeds or they could stay in their homes and live off the equity??? It certainly does not sound like brain surgery to me.
    Sincerely, one of the good guys that sell Reverse Mortgages!

  4. Brad Kirsch says:

    With our present economy in shambles and seniors not getting any real interest this bill which convinces seniors to slowly allow the banks to take back their homes while charging them interest is a scam.
    It is unfortunate that seniors cannot resist this grab for what is left of their wealth.
    All the while Congress worries about taxes on estates while the little person is slowly twisting in the wind.

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