House Bill 7073 and Senate Bill 7074 would amend existing law by basing the state’s documentary stamp tax on the principal limit instead of the maximum claim amount for people seeking reverse mortgages.
What’s next: NRMLA requested that both bills be amended so that the proposed changes apply to all reverse mortgages and not just Home Equity Conversion Mortgages.
What they’re saying: “NRMLA applauds the Bills’ sponsors for introducing critically important legislation that will benefit Florida seniors who obtain reverse mortgages,” says NRMLA’s letter.
- “For far too long, Florida reverse mortgage borrowers have been forced to pay documentary stamp taxes on the stated mortgage amount rather than the principal limit. That is why this Bill is so critically important for Florida reverse mortgage borrowers.”
- To read the letters, login to the Comment Letters section of NRMLAonline.org.
