H 3019 Session 110 (1993-1994)
H 3019 Joint Resolution, By P.B. Harris, Allison, J.M. Baxley, J.L.M. Cromer,
Gamble, J.L. Harris, Harrison, Haskins, Inabinett, M.F. Jaskwhich, Littlejohn,
C.V. Marchbanks, L.M. Martin, J.G. Mattos, Neilson, Phillips, Rhoad,
I.K. Rudnick, J.S. Shissias, J.J. Snow, Stille, Vaughn, C.Y. Waites,
D.C. Waldrop, Walker, C.C. Wells, L.S. Whipper, J.B. Wilder and Wilkes
Similar(S 172)
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 House Introduced and read first time HJ-21
01/12/93 House Referred to Committee on Medical, Military,
Public and Municipal Affairs HJ-21
02/16/93 House Tabled in committee
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 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.
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