S*0172(Rat #0012, Act #0193)  Joint Resolution, By Giese, Elliott, Glover, 
Holland, Lander, McGill, T.W. Mitchell, Passailaigue, M.T. Rose, Russell, Short, 
G. Smith, Waldrep and Washington

Similar(H 3019)
 A Joint Resolution 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.

   01/12/93  Senate Introduced and read first time SJ-71
   01/12/93  Senate Referred to Committee on Banking and Insurance SJ-71
   01/28/93  Senate Committee report: Favorable Banking and Insurance SJ-14
   02/02/93  Senate Read second time SJ-9
   02/03/93  Senate Read third time and sent to House SJ-10
   02/03/93  House  Introduced and read first time HJ-22
   02/03/93  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-22
   02/04/93  House  Recalled from Committee on Labor, Commerce and
                     Industry HJ-37
   02/04/93  House  Committed to Committee on Medical, Military,
                     Public and Municipal Affairs HJ-37
   02/17/93  House  Committee report: Favorable Medical, Military,
                     Public and Municipal Affairs HJ-4
   02/18/93  House  Read second time HJ-17
   02/23/93  House  Read third time and enrolled HJ-17
   03/03/93         Ratified R 12
   03/08/93         Signed By Governor
   03/08/93         Effective date 03/08/93
   03/15/93         Copies available

A JOINT RESOLUTION 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 homeowners and if this asset could be used for these expenses without being sold, these persons could meet their financial obligations and continue living independently; and

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:

Task force to be established

SECTION 1. The South Carolina Commission on Aging in conjunction with the 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.

Time effective

SECTION 2. This joint resolution takes effect upon approval by the Governor.

Approved the 8th day of March, 1993.