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Reverse Mortgage Repayment When Home Uninhabitable

Concerning the suspension of a borrower's obligation to repay a reverse mortgage when a force majeure renders the subject property uninhabitable as a principal residence, and, in connection therewith, directing the wildfire matters review committee to study this issue in 2017.
2017 Regular Session
Bill Summary

Wildfire Matters Review Committee. Under current law, the borrower in a reverse mortgage transaction is relieved of the obligation to occupy the subject property as a principal residence if the borrower is temporarily absent for up to 60 days or, if the property is adequately secured, up to one year. The bill directs the wildfire matters review committee to examine, in 2017, the circumstances giving rise to the introduced version of House Bill 17-1026, including the necessity and desirability of adding a third exception to the principal-residence requirement to cover situations in which a natural disaster or other serious incident beyond the borrower's control renders the property uninhabitable.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)




Bill Text

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