4E Relating to reverse mortgages; eliminating the requirement that a reverse mortgage becomes due when committed principal had been fully paid; requiring the lender of the reverse mortgage to refer borrower to an approved independent housing counseling agency; requiring the applicant to provide the lender with a counseling certificate; specifying counseling components; establishing lender default procedure; allowing the borrower the right of rescission within a certain window of time; requiring the lender to have reasonable grounds to believe that reverse mortgage is suitable to the borrower; requiring mortgage originator compliance with financial corporation laws and cross-selling limitations
(me)
(Ch. 127, 2009 - VETO)