California AB2145 mandates a study on barriers to downsizing for seniors and allows seniors to transfer mortgage terms to new homes.

California AB2145 requires the Department of Health and Safety to conduct a study on seniors' desire and need to downsize their homes. The study will examine financial and nonfinancial barriers, housing preferences, and the feasibility of transferring mortgage interest rates to new homes. The study will culminate in a report to the Legislature with recommendations for policy options to facilitate downsizing. The bill also allows borrowers aged 60 and older to transfer their existing mortgage interest rates to a new home when downsizing.

California AB2145 mandates a study on barriers to downsizing for seniors and allows seniors to transfer mortgage terms to new homes.

California AB2145 requires the Department of Health and Safety to conduct a study on seniors' desire and need to downsize their homes. The study will examine financial and nonfinancial barriers, housing preferences, and the feasibility of transferring mortgage interest rates to new homes. The study will culminate in a report to the Legislature with recommendations for policy options to facilitate downsizing. The bill also allows borrowers aged 60 and older to transfer their existing mortgage interest rates to a new home when downsizing.