The Real Deal Miami

Housing bill has something for everyone 

July 25, 2008 08:11AM

The housing bill expected to be passed by the Senate within a few days does more than help out troubled borrowers and lenders. First-time homebuyers will be eligible for tax credits (which must be paid back over 15 years), and longtime homeowners will be able to borrow more and pay less for reverse mortgages, allowing them to tap the equity in their homes. Homeowners will also be eligible for replacing their mortgages with fixed-rate loans.