Section 7A.
(a)As used in this section the following word shall, unless the context clearly requires otherwise, have the following meaning:--"Mortgagor'', an applicant for a reverse mortgage who:
(1)has a gross income of less than 50 percent of the area median income, as periodically determined by the United States Department of Housing and Urban Development; and (2) possesses assets, excluding a primary residence, valued at less than $120,000.[ Subsection (b) effective until March 31, 2024. For text effective March 31, 2024, see below.]
(b)No mortgagee shall make a reverse mortgage loan pursuant to section 7 to a mortgagor unless:
(i)the mortgagor affirmatively opts in writing for the reverse mortgage; and (ii) at or before the closing of any reverse mortgage loan the mortgagee ha
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Section 7A. (a) As used in this section the following word shall, unless the context clearly requires otherwise, have the following meaning:--"Mortgagor'', an applicant for a reverse mortgage who: (1) has a gross income of less than 50 percent of the area median income, as periodically determined by the United States Department of Housing and Urban Development; and (2) possesses assets, excluding a primary residence, valued at less than $120,000.[ Subsection (b) effective until March 31, 2024. For text effective March 31, 2024, see below.](b) No mortgagee shall make a reverse mortgage loan pursuant to section 7 to a mortgagor unless: (i) the mortgagor affirmatively opts in writing for the reverse mortgage; and (ii) at or before the closing of any reverse mortgage loan the mortgagee has received written certification from a counselor with a third-party organization that the mortgagor has received counseling in person relative to the appropriateness of the loan transaction from the third party organization and has completed an approved counseling program offered by the third party organization; provided, however, that the third party organization shall have been approved by the executive office of elder affairs for purposes of such counseling.[ Subsection (b) as amended by 2024, 88, Sec. 11 effective March 31, 2024 until January 9, 2025. See 2024, 88, Sec. 31. For text effective until March 31, 2024, see above. For text effective January 9, 2025, see below.](b) No mortgagee shall make a reverse mortgage loan pursuant to section 7 to a mortgagor unless: (i) the mortgagor affirmatively opts in writing for the reverse mortgage; and (ii) at or before the closing of any reverse mortgage loan the mortgagee has received written certification from a counselor with a third-party organization that the mortgagor has received counseling in person, by synchronous real-time video conference or by telephone relative to the appropriateness of the loan transaction from the third party organization and has completed an approved counseling program offered by the third party organization; provided, however, that the third party organization shall have been approved by the executive office of elder affairs for purposes of such counseling.[ Subsection (b) as amended by 2024, 392, Sec. 146 effective January 9, 2025. For text effective until January 9, 2025, see above.](b) No mortgagee shall make a reverse mortgage loan pursuant to section 7 to a mortgagor unless: (i) the mortgagor affirmatively opts in writing for the reverse mortgage; and (ii) at or before the closing of any reverse mortgage loan the mortgagee has received written certification from a counselor with a third-party organization that the mortgagor has received counseling in person, by synchronous real-time video conference or by telephone relative to the appropriateness of the loan transaction from the third party organization and has completed an approved counseling program offered by the third party organization; provided, however, that the third party organization shall have been approved by the executive office of aging and independence for purposes of such counseling.[ Subsection (c) effective until January 9, 2025. For text effective January 9, 2025, see below.](c) A reverse mortgage executed with a borrower that has not received counseling by a third party approved by the executive office of elder affairs shall render the terms of the reverse mortgage unenforceable. The commissioner shall adopt regulations to administer and implement this section.[ Subsection (c) as amended by 2024, 392, Sec. 146 effective January 9, 2025. For text effective until January 9, 2025, see above.](c) A reverse mortgage executed with a borrower that has not received counseling by a third party approved by the executive office of aging and independence shall render the terms of the reverse mortgage unenforceable. The commissioner shall adopt regulations to administer and implement this section.