§ 10701. Definitions As used in this subchapter: (1) Financial institution. “Financial institution” means a financial institution as defined in subdivision 10202(5) of this chapter. (2) Reverse mortgage loan. “Reverse mortgage loan” means a loan that: (A) is a loan in which the committed principal amount is secured by a mortgage on residential property owned […]
§ 10702. Counseling Prior to accepting an application for a reverse mortgage loan, a financial institution shall refer every borrower to counseling from an organization that is a housing counseling agency approved by the U.S. Department of Housing and Urban Development, and shall receive certification from the counselor that the borrower has received in-person, face-to-face […]
§ 10703. Annuities A financial institution shall not require an applicant for a reverse mortgage to purchase an annuity as a condition of obtaining a reverse mortgage loan. A financial institution or a broker arranging a reverse mortgage loan shall not: (1) offer an annuity to the borrower prior to the closing of the reverse […]
§ 10704. Limitation on reverse mortgage loan programs No financial institution shall issue a reverse mortgage loan unless it is a lender approved by the federal Department of Housing and Urban Development (HUD) to enter into a loan insured by the federal government and the reverse mortgage loan complies with all requirements for participation in […]
