Reverse Mortgage Stabilization Act of 2013

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Reverse Mortgage Stabilization Act of 2013 - Amends the National Housing Act, with respect to mortgage insurance for home equity conversion mortgages (reverse mortgages) of elderly homeowners, to authorize the Secretary of Housing and Urban Development (HUD) to establish, by notice or mortgagee letter, any additional or alternative requirements determined necessary to improve the fiscal safety and soundness of the reverse mortgage program.

Declares that such requirements shall take effect upon issuance.

[113th Congress Public Law 29]
[From the U.S. Government Publishing Office]



[[Page 127 STAT. 509]]

Public Law 113-29
113th Congress

                                 An Act


 
To authorize the Secretary of Housing and Urban Development to establish 
 additional requirements to improve the fiscal safety and soundness of 
 the home equity conversion mortgage insurance program. <<NOTE: Aug. 9, 
                         2013 -  [H.R. 2167]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Reverse Mortgage 
Stabilization Act of 2013. 12 USC 1701 note.>> 
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Reverse Mortgage Stabilization Act of 
2013''.
SEC. 2. ADDITIONAL SAFETY AND SOUNDNESS REQUIREMENTS FOR HOME 
                    EQUITY CONVERSION MORTGAGE INSURANCE PROGRAM.

    Subsection (h) of section 255 of the National Housing Act (12 U.S.C. 
1715z-20(h)) is amended--
            (1) in paragraph (1), by striking ``and'' at the end;
            (2) in paragraph (2), by striking the period at the end and 
        inserting ``; and''; and
            (3) by adding at the end the following new paragraph:
            ``(3) establish, by notice or mortgagee letter, any 
        additional or alternative requirements that the Secretary, in 
        the Secretary's discretion, determines are necessary to improve 
        the fiscal safety and soundness of the program authorized by 
        this section, which requirements shall take effect upon 
        issuance.''.

    Approved August 9, 2013.

LEGISLATIVE HISTORY--H.R. 2167:
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CONGRESSIONAL RECORD, Vol. 159 (2013):
            June 12, considered and passed House.
            July 30, considered and passed Senate.

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