Timothy H. Bishop: “Very simply, my amendment would make it easier for those who owned fixed-foundation homes on leased land to receive a…”

“Very simply, my amendment would make it easier for those who owned fixed-foundation homes on leased land to receive a reverse mortgage. Current law allows seniors who own fixed-foundation homes on leased land to receive a reverse mortgage only if the lease is for a term of not less than 99 years or if the lease is for a period of not less than 10 years beyond the maturity of the mortgage. While this language covers some seniors, many elderly Americans who own a permanent-foundation home in a senior community where the land is leased are not covered by either of these two categories of leases. My amendment would remove the provision in the bill that allows for a reverse mortgage if the lease term is for 10 years beyond the maturity of the mortgage and replace it with language that both clarifies and expands eligibility. Specifically, my amendment would broaden eligibility to seniors who have a lease term that ends no earlier than a minimum number of years beyond their actuarial life expectancy. This amendment is a commonsense solution to a problem that affects many seniors, both in my district and across the country; and I urge its adoption.”