Current Status Introducing Body:House Bill Number:3019 Primary Sponsor:P. Harris Committee Number:27 Type of Legislation:JR Subject:Home Equity Conversion Mortgages Task Force Residing Body:House Current Committee:Medical, Military, Public and Municipal Affairs Companion Bill Number:172 Date Tabled:19930216 Computer Document Number:436/12665.AC Introduced Date:19930112 Last History Body:House Last History Date:19930216 Last History Type:Tabled in Committee Scope of Legislation:Statewide All Sponsors:P. Harris Waldrop Neilson Allison Baxley Cromer Gamble J. Harris Harrison Haskins Inabinett Jaskwhich Littlejohn Martin Mattos Phillips Rhoad Rudnick Shissias Stille Vaughn Waites Walker Wells Whipper J. Wilder Wilkes Marchbanks Snow Type of Legislation:Joint Resolution
Bill Body Date Action Description CMN Leg Involved
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3019 House 19930216 Tabled in Committee 27
3019 House 19930112 Introduced, read first time, 27
referred to Committee
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TO DIRECT THE SOUTH CAROLINA COMMISSION ON AGING IN COOPERATION WITH THE SOUTH CAROLINA HOUSING FINANCE AND DEVELOPMENT AUTHORITY TO ESTABLISH A TASK FORCE TO STUDY HOME EQUITY CONVERSION MORTGAGES AND TO REPORT TO THE JOINT LEGISLATIVE COMMITTEE ON AGING.
Whereas, the vast majority of the State's elderly citizens live on fixed incomes that often are not sufficient to meet daily living expenses as well as rapidly rising medical and health care costs; and
Whereas, many of these older persons are home owners and if this asset could be used for these expenses without being sold, these persons could meet their financial obligations and continue living independently;
Whereas, one solution that would be of great benefit and value to many in the state's aging population is a Home Equity Conversion or a "reverse" mortgage; and
Whereas, a Home Equity Conversion or "reverse" mortgage is a loan against home equity providing cash advances to an elderly homeowner and requiring no repayment until a future time, usually when the borrower dies, sells the home, or permanently moves; and
Whereas, it would be beneficial to the State and its elderly citizens to assess the availability of these mortgages and the steps that must be taken to make these mortgages more available. Now, therefore, Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The South Carolina Commission on Aging in conjunction with South Carolina Housing Finance and Development Authority shall establish a task force to study Home Equity Conversion Mortgages (Reverse Mortgages) with special attention to expanding the availability and usage of these mortgages and developing a legislative proposal if statutory changes are needed or would be beneficial in achieving this expansion. The task force must be composed of those members the commission and the authority find necessary to study this matter but shall include a minimum of three mortgage bankers.
The task force shall report to the Joint Legislative Committee on Aging within six months after this resolution's effective date. Upon submission of the report the task force is dissolved.
SECTION 2. This joint resolution takes effect upon approval by the Governor.