St. Paul – On Thursday, Senator Zach Duckworth (R-Lakeville) presented Senate File 531 on the Senate floor.  The bill provides options and flexibility for seniors in order to safeguard and protect them from being taken advantage of.

The bill provides the opportunity for folks to appoint a third party designee (often one of their adult children or other relative) to receive certain notices related to a reverse mortgage. It can be a sensitive topic, but as folks advance in age their health and memory can be impacted which can lead to unintentionally missed payments.  By alerting their designee in these situations, there is an opportunity to rectify the situation early before it becomes more serious.

“This bipartisan, common sense legislation helps to protect our seniors by allowing loved-ones to step in and help solve a problem before it becomes irreversible,” said Senator Zach Duckworth (R- Lakeville).

Senate File 531 passed off the Senate floor with unanimous support.