New legislation by Congress

In a networking group last week, there was mention of the bill recently passed by congress to help the burdened homeowners and to entice first time homebuyers to "get off the fence" and buy.

In talking with bankers and mortgage lenders, the bill is so convoluted (typical of Congress, isn't it?) that most are not even mentioning it to buyers and if they do they recommending they talk with a tax specialist to understand it to eliminate any liability. There's a $7500 interest free loan to first time homebuyers, that has to be repaid within 15 years and it's of course has some income guidelines as to how much one gets.

I also understand the bill increases the reverse mortgage cap for the mature property owner, raising it to $625K, allowing seniors more equity from their homes. Perhaps there are some good points to the bill, but there seems to be lots of splainin' to do.