Bill Title: Requires an authorized lender which seeks to foreclose upon a reverse mortgage issued under the federal home equity conversion mortgage program to provide notice thereof to the department of financial services and to the mortgagor; directs such department to provide notice to the mortgagor of legal service organizations which may assist them with the default or foreclosure; prohibits authorized lenders from making advance payment of debts upon the mortgaged real property.

Spectrum: Partisan Bill (Democrat 32-0)

Status: (Passed) 2020-12-15 - APPROVAL MEMO.43 [A05627 Detail]

Text: Latest bill text (Introduced) [HTML]

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