For Immediate Release
Local Mortgage Banker, Director of HUD, and US Senator Carper
Introduce New Legislation that will Aid Senior Delawareans
August 20, 2008, Laurel, Delaware: H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008.
In celebration of this new legislation, US Senator Thomas Carper of Delaware attended the Laurel, Delaware Senior Center and presented the highlights of the Housing & Economic Recovery Act of 2008 to members of the Laurel Senior Center. Senator Carper reviewed how the new legislation would benefit Delaware Seniors who are 62 or older and the benefits of acquiring a HECM (Home Equity Conversion Mortgage) commonly known as a reverse mortgage.
Senator Carper was instrumental in ensuring the new law was enacted, having worked for over two years in support of the new law’s passage and final enactment.
John G. Bravacos, Regional director for HUD and Diane Lello, Director for Delaware, also spoke and explained the role of HUD in assisting borrowers, specifically HECM or reverse mortgages and the new legislation.
Sam Collins, President of Delaware Financial Capital Corp., also addressed the Laurel Senior Center. Mr. Collins pointed out specifically the new legislation would aid many Senior Delawareans, as well as seniors throughout the United States, who take advantage of the several new changes outlined in the Housing and Recovery Act. “This legislation represents a step in the right direction in assisting seniors and regulating the mortgage industry.” said Mr. Collins.
Mr. Collins pointed out the most significant changes that benefit seniors:
- Loan limits will be increased to $417,000 and possibly as high as $625,000 in some areas or 115% of area median home values
- Lenders will be limited to the amount they can charge on a reverse mortgage
- New reverse products will be available for home purchase
- Manufactured homes will be allowed in Condo developments
- Co-ops will be allowed
About Sam Collins: Sam Collins, reverse mortgage industry leader and mortgage banker is President of Delaware Financial Capital Corp. Involved daily in his reverse mortgage business, Sam continues to originate reverse mortgages. This has allowed him to truly understand what it takes to work with seniors.
For more information, contact Sam Collins at 302-266-9500 or scollins@delawarefinancial.com
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