Home Equity Conversion Mortgage Insurance Act

[AI summary unavailable — showing source text] Home Equity Conversion Mortgage Insurance Act - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to insure a home equity conversion mortgage and to make commitments for the insurance of such mortgages prior to the date of their execution or disbursement if such mortgages: (1) may improve the financial situation or otherwise meet the needs of elderly homeowners; (2) can be developed to include safeguards for mortgagors to offset the special risks of such mortgages; and (3) have a potential for acceptance in the private market. Includes among eligibility requirements for such insurance requirements that the mortgage shall: (1) have been made and held by a mortgage approved by the Secretary; (2) have been executed by an elderly homeowner; and (3) be secured by a one-family residential dwelling occupied by the mortgagor. Provides that each mortgagee of a mortgage insured under this Act shall be required to give the homeowner, at the time of a loan application, a written explanation of the features of the home equity conversion mortgage. Prohibits the Secretary from insuring a mortgage pursuant to this Act after September 30, 1987. Sets the tot…