(a) In this subtitle the following words have the meanings indicated. (b) “Arranger of financing” means a person that: (1) For a fee or other valuable consideration, whether received directly or indirectly, aids or assists a borrower in obtaining a reverse mortgage loan; and (2) Is not named as the lender in the reverse mortgage loan agreement. (c) “Borrower” means […]
(a) The provisions of this subtitle: (1) Apply to a reverse mortgage loan secured by a borrower’s principal dwelling in the State; and (2) Are in addition to any other applicable provisions of law. (b) If a provision of this subtitle conflicts with any provision of this title, the provision of this subtitle applies.
This subtitle does not require a lender that offers to make a reverse mortgage loan to offer a reverse mortgage loan: (1) With any one or more particular payment plans; or (2) To a prospective borrower who holds title to a dwelling in other than fee simple interest.
(a) Except as otherwise provided in this subtitle, a lender that offers or makes a reverse mortgage loan secured by a dwelling in the State shall conform to the requirements of 12 U.S.C. § 1715z–20, and any regulations and guidance adopted under 12 U.S.C. § 1715z–20, regardless of whether the reverse mortgage loan is insured under […]
(a) A reverse mortgage loan that is not insured under 12 U.S.C. § 1715z–20 is not subject to the provisions in 12 U.S.C. § 1715z–20, or in any regulations or guidance adopted under 12 U.S.C. § 1715z–20, that: (1) Limit origination fees to $6,000 as adjusted under 12 U.S.C. § 1715z–20(r); (2) Impose maximum claim amounts or other […]
(a) (1) Except as provided in paragraph (2) of this subsection, a lender or an arranger of financing may not require a borrower to purchase an annuity, a long–term care policy, or other financial or insurance product as a condition to obtaining a reverse mortgage loan. (2) A lender or an arranger of financing may require a borrower […]
(a) On receiving an application for a reverse mortgage loan, a lender or an arranger of financing shall provide a prospective borrower with a written checklist, written in 12 point type or larger, advising the borrower to discuss the following issues with a counseling agency counselor: (1) How unexpected medical or other events that cause the borrower […]
(a) Except as otherwise provided in this section: (1) A lender or arranger of financing for a reverse mortgage loan insured under 12 U.S.C. § 1715z–20 that violates this subtitle is subject to the penalties provided in 12 U.S.C. § 1715z–20, and in any regulations and guidance adopted under 12 U.S.C. § 1715z–20; and (2) A lender or […]
