In the News

Title

NRMLA News

Document Type

Article

Publication Date

5-2016

Abstract

In the Housing and Community Development Act of 1987, Congress approved the creation of a new financial product “to meet the special needs of homeowners by reducing the effect of the economic hardship caused by increasing the costs of meeting health, housing and subsistence needs at a time of reduced income, through insurance of home equity conversion mortgages to permit the conversion of a portion of accumulated home equity into liquid assets.”

It took seven years for senior advocate Ken Scholen to push this notion through Congress.