The AARP experienced some ups and downs when working with the Senate in the passing of a new housing bill. The bill, called the Foreclosure Prevention Act of 2008, has the potential to assist the many people facing home foreclosure in the United States to remain in their homes and resolve their financial problems. Unfortunately, AARP believes that this may not be realized as a result of the way that the bill was written.
Despite some of the problems that the organization sees with the bill, AARP was happy with the reverse mortgage portion of the new legislation. The new provisions relating to the reverse mortgage aspect of the bill make it easier for more people to obtain a reverse mortgage loan. Additionally, the changes reduce some of the high fees that have typically been seen as gouging the elderly folks who need the reverse mortgage to remain in their homes.
AARP and others advocating for the senior population's housing and finance issues hope that the bill is just the beginning of what's to come in terms of addressing the foreclosure crisis that the nation is facing.
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Question of the Day: Do you believe that the new legislation is satisfactory in addressing senior housing issues?
