Sections Explained: (Sec.125)

SECTION: 125 Sections 122-128 SEC. 122. HOME EQUITY CONVERSION MORTGAGES. (a) In General- Section 255 of the National Housing Act (12 U.S.C. 1715z-20) is amended- (1) in subsection (b)(2), insert `real estate,' after `mortgagor','; (2) by amending subsection (d)(1) to read as follows: `(1) have been originated by a mortgagee approved by the Secretary;'; (3) by amending subsection (d)(2)(B) to read as follows: `(B) has received adequate counseling, as provided in subsection (f), by an independent… More information...

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