Signed by Governor Jared Polis

Vote Smart's Synopsis:

Vote to pass a bill that amends rules concerning reverse mortgage when property becomes uninhabitable.

Highlights:

• Defines “Force Majeure” (Sec. 1). 

• Specifies that a temporary absences from a home dwelling will not result in the reverse Mortgage being due if the the following conditions are met (Sec. 2): 

• The borrower is actively repairing the home; 

• The borrower stays in touch with the lender;

• The borrower complies with all other terms and conditions of the reverse mortgage; 

• The repairing of the home does not reduce the lender's security. 

• Specifies that this only applies to reverse mortgages after the effective date of this act (Sec. 3).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that amends rules concerning reverse mortgage when property becomes uninhabitable.

Highlights:

• Defines “Force Majeure” (Sec. 1). 

• Specifies that a temporary absences from a home dwelling will not result in the reverse Mortgage being due if the the following conditions are met (Sec. 2): 

• The borrower is actively repairing the home; 

• The borrower stays in touch with the lender;

• The borrower complies with all other terms and conditions of the reverse mortgage; 

• The repairing of the home does not reduce the lender's security. 

• Specifies that this only applies to reverse mortgages after the effective date of this act (Sec. 3).

Full Bill Text