To: President Donald Trump
Stop discrimination against elderly coop homeowners!
Please force HUD to implement the 2008 Congressional approval of Home Equity Conversion Mortgages (HECM's) for elderly homeowners in cooperative housing. The failure of HUD to issue regulations telling mortgage lenders how to proceed when an elderly coop homeowner seeks a HECM is tantamount to discrimination. Four years' wait is too long. Make it happen now!
Why is this important?
Homeowners over 65 years old are supposed to be able to get reverse mortgages guaranteed by HUD, called HECM's for short which stands for Home Equity Conversion Mortgages. In 2008 Congress included eligibility for seniors who are homeowners in cooperative housing. But so far HUD has failed to issue regulations which are needed to tell mortgage lenders how to handle HECM's for coops. Thus coop seniors like me cannot get the reverse mortgages for which we qualify in theory. This petition asks the White House to force HUD to do its job.