The NRMLA is pushing for revisions in the proposed H.B. 1306 to clarify essential features of the FHA's HECM program, particularly the primary residence requirement and ongoing payments that borrowers must maintain. The bill includes a provision for assisting homeowners after their home equity is consumed, coordinating with HFDC for affordable rental housing. However, NRMLA has requested amendments to clarify that this assistance should not confuse the repayment triggers of the loan. The ongoing discussions regarding this bill highlight the association's commitment to ensuring comprehensive borrower protections.
NRMLA emphasizes the importance of adding clarity to H.B. 1306 regarding core FHA HECM features, ensuring borrowers understand their ongoing obligations.
While the proposed bill provides commendable borrower assistance post-equity exhaustion, NRMLA seeks revisions to ensure clear distinctions regarding loan repayment triggers.
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