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Since the 1970s, parties have sought to create mortgage instruments
that would enable elderly homeowners to obtain loans to convert
their equity into income, while providing that no repayments would
be due for a specified period or, ideally, for the lifetime of the
borrower. These instruments have been referred to as reverse
mortgages, reverse annuity mortgages, and home equity conversion
loans. Reverse mortgages are the opposite of traditional mortgages
in the sense that the borrower receives payments from the lender
instead of making such payments to the lender. Reverse mortgages
are designed to enable elderly homeowners to remain in their homes
while using the equity in their homes as a form of income. In
general, reverse mortgages may take one of two forms -- term or
tenure. Under a term reverse mortgage, the borrower is provided
with income for a specified period. Under a tenure reverse
mortgage, the borrower is provided with income for as long as he or
she continues to occupy the property. For borrowers, the most risky
reverse mortgage is the term reverse mortgage. Borrowers have been
reluctant to enter such mortgages because at the end of the loan
term the borrower would likely have to sell ...
Title V of the Housing Act of 1949 authorized the Department of
Agriculture (USDA) to make loans to farmers to enable them to
construct, improve, repair, or replace dwellings and other farm
buildings to provide decent, safe, and sanitary living conditions
for themselves or their tenants, lessees, sharecroppers, and
laborers. USDA was also authorized to make grants or combinations
of loans and grants to those farmers who could not qualify to repay
the full amount of a loan, but who needed the funds to make the
dwellings sanitary or to remove health hazards to the occupants or
the community.
In the post-World War II era, widespread rural poverty, most
notably among farmers, dominated rural policy concerns. The
Eisenhower Administration's Undersecretary for Agriculture, True D.
Morse, began a rural development program in 1955 to assist
low-income farmers. Because agriculture was the major economic
activity in many rural areas of the time, a focus on farms and farm
households became de facto rural policy. The war on poverty during
the 1960s continued the focus on rural poverty as a central policy
issue. When agriculture began to decline as rural America's
dominant economic activity, policy attention shifted to rural
revitalisation. The 1980s farm financial crisis and economic
dislocation in rural America brought the importance of rural
structural change to the forefront of policy concerns. The further
decline of farming to less than 8% of rural employment and the loss
of many manufacturing jobs during the past decade have highlighted
the growing gap between many rural areas and the Nation's
urban/suburban areas. While no overarching framework guides rural
policy at the federal level, adequate housing, employment creation
and business retention, human capital concerns, poverty issues,
medical care, and infrastructure development remain key foci of
federal rural policy.
This book is a guide to one of the regular appropriations bills
that Congress considers each year. It is designed to supplement the
information provided by the Subcommittees on Transportation,
Housing and Urban Development, and Related Agencies of the House
and Senate Committees on Appropriations. It summarises the current
legislative status of the bill, its scope, major issues, funding
levels, and related legislative activity.
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