Legislative Session number- 86

Bill Name: SF0489

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)