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«NEVADA LEGISLATURE NEVADA SILVER HAIRED LEGISLATIVE FORUM (Nevada Revised Statutes 427A.320 through 427A.400) SUMMARY MINUTES AND ACTION REPORT The ...»

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NEVADA LEGISLATURE

NEVADA SILVER HAIRED LEGISLATIVE FORUM

(Nevada Revised Statutes 427A.320 through 427A.400)

SUMMARY MINUTES AND ACTION REPORT

______________________________________________________________________________

The sixth meeting of the Nevada Silver Haired Legislative Forum (NSHLF) for the

2007-2008 interim period was held on Tuesday, May 13, 2008, at 10 a.m. in Room 4401 of the Grant Sawyer State Office Building, 555 East Washington Avenue, Las Vegas, Nevada.

The meeting was also videoconferenced to Room 3138 of the Legislative Building, 401 South Carson Street, Carson City, Nevada and to Room 118 of Greenhaw Technical Arts Center, Great Basin College, 1500 College Parkway, Elko, Nevada. A copy of this set of “Summary Minutes and Action Report,” including the “Meeting Notice and Agenda” (Exhibit A) and other substantive exhibits, is available on the Nevada Legislature’s website at www.leg.state.nv.us/74th/Interim. In addition, copies of the audio record may be purchased through the Legislative Counsel Bureau’s Publications Office (e-mail: publications@lcb.state.nv.us; telephone: 775/684-6835.)

FORUM MEMBERS PRESENT IN LAS VEGAS:

Lucy Peres, President Alice Adams Joann M. Bongiorno Evelyn A. Cannestra, M.S.W.

Richard C. Doyle Robert E. Erickson Darlene B. Hines Perry Herbert E. Randall, Ed.D.

Mary D. Roberts Mimi Rodden Rick A. Stanfill Ronald E. Stoller Harriet Trudell

FORUM MEMBERS PRESENT IN CARSON CITY:

Ruth H. Hart Margaret Spooner

FORUM MEMBERS PRESENT IN ELKO:

Ray B. Jones

FORUM MEMBERS ABSENT (EXCUSED):

Clo Banks Thelma Clark Verlia Davis Hoggard Jane Maxfield Sydelle MacKay Herbert W. Perry, CPA/EA

LEGISLATIVE COUNSEL BUREAU STAFF PRESENT:

Mary Shope, Coordinator, NSHLF, Administrative Division, Las Vegas 2

CALL TO ORDER AND OPENING REMARKS

Lucy Peres, Forum President, called the Nevada Silver Haired Legislative Forum’s (NSHLF) meeting to order. Roll was called and a quorum was determined to be present.

President Peres welcomed Stephanie Prather and members of the public.

President Peres, with the Forum’s permission, modified the agenda order to accommodate Ms. Prather’s schedule.

PRESENTATION ON REVERSE MORTGAGE BY STEPHANIE PRATHER,

REVERSE MORTGAGE PLANNER

• Mary Shope, Coordinator, NSHLF, introduced Ms. Stephanie Prather, Reverse Mortgage Planner. Ms. Shope reviewed Ms. Prather’s biography to include her professional achievements and affiliations. (Exhibit B)

• Stephanie Prather thanked the Forum for this opportunity to address the NSHLF and recognized the Forum members’ volunteerism.

Ms. Prather provided an overview of home equity conversion loans, also know as reverse mortgages. She stated since senior citizens are living longer and the definition of home has changed, reverse mortgages could be a valuable financial option.

Ms. Prather noted the basic requirements for a reverse mortgage include minimum age of 62 years of age, home ownership, and mortgage consultations. (Exhibit C) Ms. Prather shared many of the perceived myths of reverse mortgages. She stated the first myth misleads the public into believing the bank or state ends up owning the home.

Ms. Prather said home ownership is determined by the person responsible for the property taxes.

Ms. Prather indicated another invalid myth was based on the concept that the home have a clear title.

The next myth as stated by Ms. Prather included the notion that the bank sells the home. She noted the bank does not hold the title to the property and cannot sell the home.

Ms. Prather shared the myth that reverse mortgages deplete the home equity and there’s nothing left to leave the family heirs. She indicated that reverse mortgages are only a percentage of the home’s full value, so it is unlikely the home equity would be exhausted.

–  –  –

Similarly, Ms. Prather indicated many individuals erroneously believe that reverse mortgages are only for senior citizens who are “house rich and cash poor.” She noted many senior citizens include home equity conversion loans as part of their estate planning.

• Richard C. Doyle inquired about the perception reverse mortgages are unavailable to many senior citizens.

Ms. Prather indicated reverse mortgages are available to individuals based on property ownership. She said if the property is titled as real property, the owner would be eligible for a reverse mortgage loan. She noted that the real property requirement makes many manufactured housing owners ineligible for reverse mortgages.

• Joann M. Bongiorno stated reverse mortgage options were beneficial, but monitoring of the mortgage lending industry was a critical element of the process. She recommended continuing education for mortgage brokers. Also, Ms. Bongiorno noted manufactured homeowners could become eligible if the home was adapted and reclassified as real property.





Ms. Prather affirmed Ms. Bongiorno’s statements regarding the benefits of reverse mortgages. She noted mortgage brokers traditionally evaluate the applicant’s data to ensure the appropriateness of reverse mortgage loan. Also, Ms. Prather supported licensing and continuing education for mortgage brokers, which would be greater than the basic registration requirement. She proposed a registry for the mortgage industry.

• Evelyn A. Cannestra noted the importance of reverse mortgages, but raised concerns regarding the predatory language targeting senior citizens. She asked Ms. Prather to address reverse mortgage provisions relating to the rate of interest, appropriateness of loan type, and the impact of limited home equity.

Ms. Prather explained the interest rate for reverse mortgages averages between 4 to 6 percent. Also, she stated the impact of limited home equity should not deter senior citizens from seeking reverse mortgage options.

• Ruth H. Hart shared her concerns that reverse mortgages did not protect the spouse’s interest in the home upon the passing of the other partner.

Ms. Prather reiterated the importance of reverse mortgage counseling. She explained independent, third party counseling would address the specific concern about the

–  –  –

• Herbert E. Randall shared his experience relating to foreign mortgages. He opined that mortgages were simpler because the investors knew the property owner and entered into gentlemen’s agreements.

• Ms. Bongiorno noted reverse mortgages customarily contain service fees and the mortgage industry should adopt regulations addressing consumer protection.

Ms. Prather stated reverse mortgage application fees are currently governed by the United States Department of Housing and Urban Development (HUD) with oversight by AARP. She stated consumers are protected with the full disclosure rules.

• Mary D. Roberts inquired about the consumer’s liability to the Internal Revenue Service, United States Department of the Treasury, for the acquisition of the money.

She questioned whether taxes were assessed upon the distribution of funds.

Ms. Prather indicated the proceeds obtained from the reverse mortgage loan were not classified as earned or taxable income. She explained the money was comparable to cash advances or home equity lines of credit.

• President Peres expressed the Forum’s appreciation to Ms. Prather for her presentation.

APPROVAL OF MINUTES OF THE MARCH 12, 2008, MEETING

• Ms. Shope summarized the March 12, 2008, meeting minutes. The NSHLF

APPROVED THE FOLLOWING ACTION:

EVELYN A. CANNESTRA MOVED TO APPROVE THE MINUTES

OF THE MARCH 12, 2008, MEETING. MIMI RODDEN SECONDED

THE MOTION, WHICH PASSED UNANIMOUSLY.

–  –  –

• Robert E. Erickson, Forum Treasurer, explained the “NSHLF Summary of Receipts and Expenditures” for the periods March, 2008 [ending 04/04/08] and April, 2008 [ending 04/30/08]. (Exhibit D and Exhibit E)

–  –  –

Additionally, Mr. Erickson urged Forum members to complete the Legislator’s Expense Claim Form for today’s meeting expenses.

• The NSHLF APPROVED THE FOLLOWING ACTION:

RUTH H. HART MOVED TO APPROVE THE TREASURER’S REPORT

AS SUBMITTED. RICHARD C. DOYLE SECONDED THE MOTION,

WHICH PASSED UNANIMOUSLY.

DISCUSSION ON RECOMMENDATIONS TO THE LEGISLATURE

• President Peres referred to Assemblywoman McClain’s letter requesting the NSHLF provide bill draft recommendations to the Legislative Commission’s Subcommittee to Study Issues Relating to Senior Citizens and Veterans (A.C.R. 35). She encouraged the NSHLF to consider Silver Alert as its priority recommendation. (Exhibit F) Mr. Erickson shared his knowledge of the legislative process and requested the NSHLF’s correspondence identify the priority recommendation, instead of all recommendations. He noted that too many recommendations could potentially reduce the opportunity for Silver Alert to be considered as priority legislation.

Additionally, Mr. Erickson explained that all recommendations would be addressed in the NSHLF’s Summary Report to the Governor and the Legislature.

Ms. Rodden supported Mr. Erickson’s summary of the legislative process and encouraged the Forum to submit only the priority recommendation.

President Peres approved to advance Silver Alert as the top recommendation to the Legislative Commission’s Subcommittee to Study Issues Relating to Senior Citizens and Veterans (A.C.R. 35). (Exhibit G) is the letter dated May 19, 2008, which subsequently was submitted to the Legislative Commission’s Subcommittee to Study Issues Relating to Senior Citizens and Veterans (A.C.R. 35) in compliance with this action.

PUBLIC COMMENT

• Barry Gold, Director of Government Relations, AARP Nevada, shared his organization’s recommendations for legislation. Mr. Gold stated they should include health care quality, health care oversight with appropriate staffing, prescription drug legislation including the “Keep Medicare Fair” campaign, pharmacy benefit manager

–  –  –

Mr. Gold thanked NSHLF for its continued support and stated he looked forward to partnering during the 2009 Legislative Session.

• Howard Platzer, a private Las Vegas citizen, shared his personal experiences and concerns regarding the recent hepatitis C health care crisis. He encouraged the Legislature to hold the physicians accountable and to improve the investigative process.

Mr. Doyle explained NSHLF could only make recommendations to the Legislature.

Additionally, he noted the investigation is proceeding within the current guidelines and the public must allow the process to continue as outlined until future legislation directs otherwise.

Ms. Cannestra reflected on Mr. Platzer’s frustrations relating to the hepatitis C health care crisis and suggested he continue his participation in the Legislative process.

• As requested by Clo Banks, Ms. Shope asked the Forum to review the petition submitted by the Protectors of Tule Springs Wash. The Protectors of Tule Springs Wash is a citizen group advocating for the preservation of the Upper Las Vegas Wash as a national conservation site. (Exhibit H)

• As requested by Rena E. Starks, President and CEO, International Association of Mortgage Brokers, Inc., Ms. Shope submitted her documents on mortgage lending transactions for consideration. (Exhibit I)

DISCUSSION OF FUTURE AGENDA ITEMS AND MEETING DATES

• President Peres opened the discussion to consider future meeting dates, agenda topics, and speakers. She reminded the NSHLF of the approved future meeting date of Tuesday, July 15, 2008. She noted this meeting will address financial issues relating to senior citizens and NSHLF’s recommendations.

• Ms. Shope advised NSHLF business cards were submitted for printing and that she will follow-up with the State Printing Office.

–  –  –

APPROVED BY:

___________________________________ ____ Date: _______________________________

Lucy Peres, President Nevada Silver Haired Legislative Forum

APPROVED BY:

_______________________________________ Date: _______________________________

Harriet Trudell, Secretary Nevada Silver Haired Legislative Forum

–  –  –

Exhibit A is the “Meeting Notice and Agenda” for March 12, 2008, provided by Mary Shope, Coordinator, Nevada Silver Haired Legislative Forum (NSHLF), Administrative Division, Legislative Counsel Bureau (LCB).

Exhibit B is the document titled “Nevada Silver Haired (Congress) Legislative Forum to Host:

Stephanie Prather speaking on ‘Dispelling Reverse Mortgage Myths’”, provided by Stephanie Prather, Reverse Mortgage Planner, Envision Lending Group, Inc.

Exhibit C are the documents titled “More than 300,000 Seniors Benefiting from HUD Reverse Mortgages”, “Questions to Ask Your Reverse Mortgage Salesperson”, and “Questions to Ask Yourself to Determine if a Reverse Mortgage Consultation May Be An Option”, provided by Stephanie Prather, Reverse Mortgage Planner, Envision Lending Group, Inc.

Exhibit D is the document titled “Nevada Silver Haired Legislative Forum Summary of Receipts and Expenditures for the period March, 2008” provided by Robert E. Erickson, Treasurer, NSHLF.

Exhibit E is the document titled “Nevada Silver Haired Legislative Forum Summary of Receipts and Expenditures for the period April, 2008” provided by Robert E. Erickson, Treasurer, NSHLF.



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