General Assembly Proposed Bill No. 5565
January Session, 2013 LCO No. 1930
Referred to Committee on BANKS
Introduced by:
REP. MUSHINSKY, 85th Dist.
General Assembly
Proposed Bill No. 5565
January Session, 2013
LCO No. 1930
Referred to Committee on BANKS
Introduced by:
REP. MUSHINSKY, 85th Dist.
AN ACT CONCERNING REVERSE MORTGAGE TRANSACTIONS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That the general statutes be amended to prohibit any creditor who enters into a reverse mortgage transaction with a married resident of this state from requiring that the older spouse be the sole individual obligated under such transaction.
Statement of Purpose:
To reduce the rate of default on reverse mortgage transactions and prevent the eviction of a surviving spouse from the residence.