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House approves reverse mortgage counseling bill after debate over government role
Summary
House Bill 7, defining reverse equity mortgages and authorizing counseling through the Division of Aging and Adult Services, passed after amendments; debate focused on whether counseling should be provided by government-certified counselors or left to private/market actors. Vote was 57–15 in favor.
The Utah House on the floor approved House Bill 7 to define reverse equity mortgages and establish an information-and-counseling service tied to the Division of Aging and Adult Services, with a modest fiscal cost but potential state budget savings if older homeowners use pensions to remain independent. The bill passed in amended form by a recorded vote of 57–15.
Sponsor Representative Fred R. Huntaker described the bill as intended to help elderly homeowners access equity in their homes without forcing sales or institutional…
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