Connecticut Legislature Requires Reverse Mortgage Counseling

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On May 29, 2018, the Connecticut governor signed into law Senate Bill 150. This bill becomes effective October 1, 2018.

Once effective, this bill requires an entity, prior to accepting a final and complete application for a reverse annuity mortgage loan, to: (1) inform the prospective applicant of the Connecticut counseling requirement, (2) provide the applicant with a list of HUD approved counseling agencies; and (3) receive a signed certification from the applicant authorizing that the applicant received in person or telephonic counseling. The certification must be signed by the applicant and the independent housing counselor, and must include the date of the counseling session and the name, address, and telephone number of the applicant and the counselor.

The lender will be required to maintain the certification for the term of the reverse annuity mortgage loan. A violation of this provision will be considered an unfair or deceptive trade practice.

The entire bill can be found here.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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