last week reauthorizing government help for senior citizens who take reverse mortgages against the equity in their homes. "By being 'house rich' these seniors are often burdened with high property taxes and maintenance costs without sufficient incomes," Sen. D'Amato said. "This reverse mortgage legislation allows seniors the opportunity to supplement their incomes by borrowing against the equity in their home." The bill would renew a loan program administered by the Federal Housing Administration. The mortgages are originated by FHA-approved lenders, insured by the FHA, and purchased on the secondary market. Established in 1987, the program expired Oct. 1. The bill would extend it to 2000.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.