In person reverse mortgage counseling required

This act requires reverse mortgage counseling occur in person unless the borrower selects another method.

Civil Code §1923.2

Amended by A.B. No. 2010

Effective date: January 1, 2013

Reverse mortgage lenders must:

• advise applicants of the need to obtain reverse mortgage counseling;
• provide the applicants a list of at least ten approved counseling agencies; and
• receive certification that the borrower received counseling in person unless the borrower selects another manner.

The above must be completed before the lender can accept a completed reverse mortgage application or collect a fee.