California bill names practices to watch out for
Published Friday, May 12, 2006 by Real Estate Pro | E-mail this postOne of the winners, fair lending specialist Shirley Hochhausen, made proposals that led Simitian to propose SB 1609. The bill would prohibit a lender from offering an annuity prior to the closing of the reverse mortgage or before the expiration of the right of the borrower to rescind the agreement. The bill would require an applicant to meet with an independent loan counselor before a finalizing reverse mortgage.
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California bill names practices to watch out for