,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #dafj  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,octob] #bf1 #bjag,ms4
 ,max9e ,wat]s ( ,cali=nia 7= h]self &  
,mr4 ,heck7 introduc$ ! foll[+ bill2 :i*
 0 ref]r$ to ! ,committee on ,f9ancial  
,s]vices  ,a ,,bill  ,to revise ! ,,fha 
program = home equity conv]sion         
mortgages = eld]ly home[n]s to add      
safegu>ds to prev5t ! displacem5t (     
home[n]s1 & = o!r purposes4  #a4 ,%ort  
title ,?is ,act may be cit$ z ! ,prev5t+
 ,=eclosures on ,s5iors ,act ( #bjag4   
#b4 ,safegu>ds to prev5t displacem5t (  
home[n] ,subsection 7j7 ( section #bee (
 ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4  
#agaez-#bj7;j77 is am5d$--  7#a7 by     
/rik+ ! subsection designation & all t  
foll[s ?r\gh ,! ,secret>y & ins]t+ !    
foll[+3  7j7 ,safegu>ds ,to prev5t      
displacem5t ( home[n]  7#a7 ,def]ral (  
home[n]'s obligation ,! ,secret>y  2 &  
7#b7 by add+ at ! end ! foll[+ new      
p>agraphs3  7#b7 ,assignm5t ( mortgage  
to ,,hud ^u dea? ( borr[+ sp\se )       

surviv+ non-borr[+ sp\se  7,a7          
,assignm5t2 notice ,! ,secret>y %all    
require ! mortgagee ( a mortgage insur$ 
"u ?is section1 ^u ! dea? ( ! la/       
surviv+ borr[] "u su* mortgage :o is    
surviv$ by an eligible non-borr[+       
sp\se--  7i7 to assign ! mortgage to !  
,secret>y2 &  7ii7 n lat] ?an !         
expiration ( ! #g-;day p]iod beg9n+ ^u  
notice to ! mortgagee ( ! dea? ( !      
borr[]1 to notify ! eligible non-borr[+ 
sp\se 9 writ+--  7,i7 ( ! opportunity1  
pursuant to subp>agraph 7,b71 = !       
eligible non-borr[+ sp\se to rema9 9 !  
prop]ty t is subject to ! mortgage2 &   
7,,ii7 t ! eligible non-borr[+ sp\se    
%\ld contact ! mortgagee reg>d+ su*     
assignm5t4  7,b7 ,treatm5t ( eligible   
non-borr[+ sp\se ,aft] assignm5t ( a    
mortgage to ! ,secret>y pursuant to     
subp>agraph 7,a71 ! ,secret>y %all      
provide ! eligible non-borr[+ sp\se ) a 
def]ral ( ! due & payable /atus due to !
 dea? ( ! borr[+ sp\se z long z !       
eligible non-borr[+ sp\se qualifies z   

su* pursuant to p>agraph 7#d77;,b74     
7#c7 ,loss mitigation 9 cases ( del9qu5t
 taxes or insurance  7,a7 ,requirem5t ,!
 ,secret>y %all require t1 9 ! case ( a 
mortgage insur$ "u ?is section t is 9   
default by reason ( failure to make     
paym5t ( taxes or insurance requir$ "u !
 mortgage or home[n]s association fees1 
! mortgagee %all1 z a precondition (    
s5d+ a due & payable reque/ to !        
,secret>y1 take ! foll[+ actions3  7i7  
,loss mitigation ,! mortgagee %all take 
appropriate loss mitigation actions1 :i*
 may include ! foll[+ actions3  7,i7    
,e/abli%+ a reali/ic repaym5t plan = !  
del9qu5t prop]ty *>ges4  7,,ii7 ,assi/+ 
! borr[] 9 contact+ a ,,hud-approv$     
,h\s+ ,c\nsel+ ,ag5cy 7,,hca7 to obta9  
free assi/ance 9 f9d+ "s viable         
resolution to ! del9qu5cy1 or 9 id5tify+
 local res\rces available to provide    
funds or home/ead exemptions4  7,,iii7  
,ref9anc+ ! del9qu5t mortgage into a new
 home equity conv]sion mortgage if--    
7aa7 !re is suffici5t equity to satisfy 

! exi/+ mortgage & out/&+ prop]ty *>ges2
 &  7bb7 ! applicant = ref9anc+ meets ! 
f9ancial assessm5t guidel9es ( !        
,secret>y4  7,,iv7 ,ext5d+ ! deadl9es = 
=eclosure 9 cases 9 :i* ! y\nge/ liv+   
borr[] or sp\se is at lea/ #hj ye>s (   
age & has critical circum/ances su* z a 
t]m9al illness1 long-t]m physical       
disability1 or a unique occupancy ne$4  
7,v7 ,refra9+ f submitt+ a due & payable
 reque/ to ! ,secret>y 9 cases 9 :i* !  
total arre>age = prop]ty taxes & haz>d  
insurance is less ?an #b1jjj4  7,,vi7   
,su* o!r loss mitigation actions z !    
,secret>y consid]s appropriate 9 su*    
cases4  7ii7 ,treatm5t ( non-borr[+     
sp\se ,! mortgagee %all treat any       
non-borr[+ sp\se z a borr[+ sp\se = !   
purposes ( loss mitigation4  7,b7       
,failure to comply ,9 any case ( claim =
 insurance b5efits = a mortgage insur$  
"u ?is section made by a mortgagee :o   
has fail$ to comply ) ! requirem5ts "u  
subp>agraph 7,a71 ! ,secret>y may r$uce 
or d5y su* b5efits bas$ ^u su* failure4 

7#d7 ,def9itions ,= purposes ( ?is      
subsection1 ! foll[+ def9itions %all    
apply3 7,a7 ,borr[] ,! t]m borr[] means1
 ) respect to a mortgage insur$ "u ?is  
section1 ! orig9al borr[] "u ! note &   
mortgage4 ,su* t]m does n include       
successors or assigns ( a borr[]4  7,b7 
,eligible non-borr[+ sp\se ,! t]m       
eligible non-borr[+ sp\se means a       
non-borr[+ sp\se ( a borr[] "u a        
mortgage insur$ "u ?is section t 0      
assign$ an ,,fha ,case ,numb] be=e      
,augu/ #d1 #bjad1 :o--  7i7  7,i7 0     
legally m>ri$1 z det]m9$ by ! law ( !   
,/ate 9 :i* ! sp\se & borr[] reside or  
resid$ or ! ,/ate ( celebration1 to !   
borr[] at ! "t ( loan clos+ & :o rema9$ 
m>ri$ to ! borr[] until ! borr[]'s dea?2
 or  7,,ii7 engag$ 9 a committ$         
relation%ip ) ! borr[] ak9 to m>riage b 
0 prohibit$1 at ! "t ( ! mortgage loan  
orig9ation1 f legally m>ry+ ! borr[]    
bas$ on ! g5d] ( bo? ! borr[] &         
non-borr[+ sp\se1 b 0 legally m>ri$ be=e
 ! dea? ( ! borr[]1 z det]m9$ by ! law (

 ! ,/ate 9 :i* ! sp\se & borr[] reside  
or resid$ or ! ,/ate ( celebration1 to !
 borr[] & rema9$ m>ri$ until ! dea? ( ! 
borr[]2  7ii7 curr5tly resides & resid$ 
9 ! prop]ty secur$ by ! mortgage insur$ 
"u ?is section z 8 or h] pr9cipal       
resid5ce at orig9ation ( ! mortgage &   
?r\gh\t ! duration ( ! borr[]'s life2 & 
7iii7 has obta9$ or is able to obta91   
be=e ! date ( =eclosure on ! mortgage   
pursuant to ! dea? ( ! la/ surviv+      
borr[]--  7,i7 good1 m>ketable title to 
or an own]%ip int]e/ 9 ! prop]ty subject
 to ! mortgage2 or  7,,ii7 a legal or   
o!r "r 7includ+ a w1 an execut$ lease1  
or c\rt ord]7 to rema9 9 ! prop]ty =    
life4  7,c7 ,non-borr[+ sp\se ,=        
purposes ( ?is subsection1 ! t]m        
non-borr[+ sp\se means1 ) respect to a  
borr[] "u a mortgage insur$ "u ?is      
section1 ! sp\se ( su* borr[] :o is n   
also a borr[]4  7#e7 ,mortgagee optional
 election assignm5t ,9 implem5t+ !      
,mortgagee ,optional ,election          
,assignm5t = home equity conv]sion      

mortgages insur$ "u ?is section1 !      
,secret>y %all use ! def9ition (        
eligible non-borr[+ sp\se "u p>agraph   
7#d7 ( ?is subsection 9 lieu ( !        
def9ition ( eligible surviv+ non-borr[+ 
sp\se "u ! def9ition provisions (       
,mortgagee ,lett] #bjae-ae 7,june #ab1  
#bjae7 or any o!r def9ition4  4  #c4    
,consultation ) ,bureau ( ,consum]      
,f9ancial ,protection ,section #bee ( ! 
,national ,h\s+ ,act 7#ab ,u4,s4,c4     
#agaez-#bj7 is am5d$-- 7#a7 by          
r$esignat+ subsection 7r7 z subsection  
7q72 &  7#b7 by add+ at ! end ! foll[+  
new subsection3  7r7 ,consultation )    
,,cfpb ,9 c>ry+ out ! program = insur+  
mortgages "u ?is section1 ! ,secret>y   
%all consult ) ! ,bureau ( ,consum]     
,f9ancial ,protection ( ! ,f$]al ,res]ve
 ,sy/em on matt]s involv+ consum]       
protections4  4