More consumer protection on reverse mortgages. The new law would ban origination fees on reverse mortgages, which allows borrowers to take an advance against home equity. The law also bans insurance salespeople from originating these products and prohibits originators from requiring homeowners to buy annuities.

This entry was posted on Wednesday, July 30th, 2008 at 1:45 pm and is filed under Reverse Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.