RESOLUTION NO. _____________

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION SUPPORT OF SB 1609 (SIMITIAN), REVERSE MORTGAGES ANNUITIES

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RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that

 

WHEREAS, a reverse mortgage is a type of loan that allows homeowners 62 and older to borrow against the equity in their home in order to access funds; and

 

WHEREAS, reverse mortgages are ripe for financial fraud and abuse against seniors who are “house-rich and cash-poor”’ and

 

WHEREAS, SB 1609 would require reverse mortgage lenders to refer potential borrowers to independent counseling; and

 

WHEREAS, SB 1609 enacts a number of important safeguards to ensure that borrowers of reverse mortgages are better protected and more fully informed of the terms of the transaction;

 

NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that the Board of Supervisors by adoption of this resolution hereby supports SB 1609 (Simitian) regarding reverse mortgages and annuities.

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