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Legislative Year: 2023 Change

Bill Detail: HB23-1266

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Title Reverse Mortgage Repayment When Home Uninhabitable
Status Governor Signed (06/07/2023)
Bill Subjects
  • Financial Services & Commerce
  • Housing
House Sponsors N. Ricks (D)
K. Brown (D)
Senate Sponsors J. Buckner (D)
S. Jaquez Lewis (D)
House Committee Transportation, Housing and Local Government
Senate Committee Local Government and Housing
Date Introduced 03/27/2023

Under current law, the borrower in a reverse mortgage transaction
is relieved of the obligation to occupy the subject property as a principal
residence if the borrower is temporarily absent for up to 60 days or, if the
property is adequately secured, for up to one year. The bill adds a third
exception to the principal-residence requirement to cover situations in
which a natural disaster or other serious incident beyond the borrower's
control renders the property uninhabitable and the borrower is engaged
in repairing the home with the intent of reoccupying the home as a
principal residence, offering the home for sale, or selling the home. The
maximum time allowable for a temporary absence under these
circumstances is 5 years.

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