Pennsylvania House approves reverse mortgage counseling bill

“Pennsylvanians are facing economic struggles across all ages and regions, but our seniors and those on a fixed income are hit the hardest,” Cephas said. “Seniors, in particular, often fall prey to the promise of short-term gain without realizing what they might lose down the road.

“This would create a sensible pause in the process to ensure that homeowners comprehend what they’re agreeing to, have it explained by a financial counselor who can put it in plain and understandable language, and be made aware of their alternative options. This is one more plank in our effort to responsibly protect generational wealth and safeguard homeowners from unsuspectingly losing their life’s investment in their property.”

The bill passed the House with bipartisan support and now…