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Committee hears testimony on bill to limit lender claims in home equity investments
Summary
The Senate Committee on Housing and Development opened a Feb. 5 public hearing on Senate Bill 534, a measure that, as written, would limit the percentage of a home's appreciated equity a lender may claim when it provides a lump sum in a reverse-mortgage–style contract and declares an emergency on passage.
The Senate Committee on Housing and Development opened a Feb. 5 public hearing on Senate Bill 534, a measure that, as written, would limit the percentage of a home's appreciated equity a lender may claim when it provides a lump sum in a reverse-mortgage–style contract and declares an emergency on passage.
Supporters and industry witnesses agreed there is a consumer-protection issue but differed sharply on what the bill as written would regulate and whom it would affect.
Samantha Demshack, a testifier who identified herself as an advocate for seniors and people living with dementia, urged the committee to support the bill to protect older homeowners from “home equity sharing” contracts she described as opaque. She…
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