Housing bill pits AARP against life insurers

By Jessica Holzer The Hill Posted: 07/09/08 06:30 PM [ET] The financial services industry is dueling the AARP over language in the Senate housing bill that would affect a small but rapidly growing corner of the mortgage market. At issue is a provision that would prevent providers of so-called reverse mortgages, a government-backed loan designed to help cash-strapped seniors tap into their home equity, from selling borrowers another investment for the proceeds of the loan.