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HUD/OH RIN: 2502-AI89 Publication ID: Fall 2010 
Title: Solicitation of Comments on the Sale of Financial Products to Home Equity Conversion Mortgage Borrowers 
Abstract: Section 255 of the National Housing Act (NHA) authorizes HUD to insure Home Equity Conversion Mortgage (HECM) loans made by FHA approved lenders to eligible elderly homeowners. Section 2122 of the Housing and Economic Recovery Act of 2008 (HERA) amended section 255 to add new consumer and underwriting protections for seniors. This advance notice of proposed rulemaking (ANPRM) will assist HUD develop a proposed rule that address the consumer protections and underwriting standards enacted by HERA. Specifically, this ANPRM will solicit comment on the prohibitions that apply to lenders, individuals, and parties that participate in the origination of HECMs. This ANPRM also solicits public comment on the current consumer protections and standards, apart from those specified in HERA, to ensure that any insurance or financial products that a borrower purchases in the course of obtaining a reverse mortgage, or with the proceeds of a reverse mortgage, are appropriate for the consumer. 
Agency: Department of Housing and Urban Development(HUD)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
CFR Citation: 24 CFR 206   
Legal Authority: 12 USC 1715b    12 USC 1715z to 1720    42 USC 3535 (d)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Withdrawn  09/03/2010    
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Kathleen Hardy
Housing Program Policy Specialist
Department of Housing and Urban Development
Office of Housing
451 7th Street SW.,
Washington, DC 20410
Phone:202 402-2163
Email: kathleen.hardy@hud.gov