‘ California Reverse Mortgage Lenders Bill Awaiting Approval to Protect Consumers Against Lenders ‘

#AceFinanceNews – UNITED STATES (California) – July 10 – A bill that would require California reverse mortgage lenders to provide certain disclosures to prospective borrowers during the application process is moving forward in the state’s legislature as it awaits a Senate vote.

Sponsored by Assemblyman Jose Medina (D-CA), AB 1700 aims to amend certain sections of California’s Civil Code relating to reverse mortgages.

Specifically, the bill would implement a seven day cooling off period, prohibiting a lender from taking a reverse mortgage application or assessing any fees until one week from the date of loan counselling.

Additionally, the bill would delete the requirement that the lender provide a written check-list and would, instead, prohibit a lender from taking the loan application unless the applicant has received from the lender a specified reverse mortgage worksheet guide.

The bill would require that the guide contain certain issues that the borrower is advised to consider and discuss with a HUD-approved housing counsellor, as well as requiring both the counsellor and the prospective borrower to sign the worksheet guide prior to closing.

“ These requirements seek to ensure that senior citizens will make informed decisions and that persons who offer, sell, or arrange the sale of reverse mortgages to senior citizens will act in the best interest of reverse mortgage loan borrowers,” states Section 1 of California’s Civil Code.

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#business, #california, #creditor, #financial-services, #loan, #mortgage, #mortgage-loan, #united-states-department-of-housing-and-urban-development

‘Hope to be bankrupt for Christmas’: Irish mortgage debtors see insolvency as way out

#AceDebtNews says “Irish Mortgage Debtor’s” see Insolvency as a way out of their debts. Of course once insolvent you cannot get credit again under UK Law – so better to request ” An Arrangement with Your Creditors” and then agree a new contract – but never miss an agreed payment otherwise the lender will return to the “Original Payment Arrangement and Add back missed Repayments and Add Compound Interest for every day! #DRAP

#bankrupt, #debtors, #irish, #lenders, #mortgage