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.