Minnesota Administrative Rules

4900.2040 HOME EQUITY CONVERSION COUNSELING.

Home equity conversion loan counseling shall be provided under the program for senior homeowners as described in items A and B.

A.

The applicant selected to administer the program must, at a minimum, perform the following services:

(1)

Conduct a review of home equity conversion programs with the client, and explain the advantage, disadvantage, and alternatives of the programs.

(2)

Explain the effects of home equity conversion on the client's estate and public benefits available to the client.

(3)

Explain the home equity conversion lending process with the client.

(4)

Discuss the client's supplemental income needs and financial alternatives for meeting such needs.

(5)

Maintain adequate records pertaining to each client counseled under the program.

(6)

Provide the client with adequate documentation of counseling so that the client may meet counseling requirements imposed under various home equity conversion loan programs.

(7)

Provide such services and outreach on a statewide basis.

B.

The applicant selected to administer the program may charge a reasonable fee to provide counseling services for clients, but the applicant may not deny a client counseling services due to inability to pay the fee.

Statutory Authority:

MS s 462A.06

History:

14 SR 2192

Published Electronically:

June 11, 2008