Illinois Enacts Reverse Mortgage Protection Act

Illinois Governor Bruce Rauner signed a bill into law which offers a variety of reverse mortgage protections for borrowers.  The bill takes effect on January 1, 2016, and it will be known as the Reverse Mortgage Act with provisions requiring the disclosure of certain documents to borrowers and a three-day "cooling-off" period in which a borrower cannot be required to close or proceed with the loan.  The purpose of Senate Bill 1440, as it is also known as, will be "to provide potential borrowers with 3 business days to consider their decision whether to secure a reverse mortgage or not."  In all, the Reverse Mortgage Act wants to make sure that seniors are understand all there is to know about reverse mortgages and its requirements.  Read the entire bill here.

For more information on reverse mortgages and other related topics contact:

Rick R. Rodriguez
Certified Reverse Mortgage Professional, CRMP
NMLS# 473353
Toll Free (877) 500-0454
Local (702) 460-6222