Benefits of New Reverse Mortgage Law - Z Reverse Mortgage
In august 2015, Governor Bruce Rauner signed the Reverse Mortgage Act. It codifies a list of consumer protection, a “cooling-off” period in which enacting a three –day period post – loan where a borrower can cancel the loan with no obligation if they so choose.
In august 2015, Governor Bruce Rauner signed the Reverse Mortgage Act. It codifies a list of consumer protection, a “cooling-off” period in which enacting a three –day period post – loan where a borrower can cancel the loan with no obligation if they so choose.
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www.Z<strong>Reverse</strong><strong>Mortgage</strong>.com
<strong>Benefits</strong> <strong>of</strong> <strong>New</strong> <strong>Reverse</strong> <strong>Mortgage</strong> <strong>Law</strong><br />
In august 2015, Governor Bruce Rauner signed the <strong>Reverse</strong><br />
<strong>Mortgage</strong> Act. It codifies a list <strong>of</strong> consumer protection, a<br />
“cooling-<strong>of</strong>f” period in which enacting a three –day period<br />
post – loan where a borrower can cancel the loan with no<br />
obligation if they so choose.
<strong>Benefits</strong> <strong>of</strong> <strong>New</strong> <strong>Reverse</strong> <strong>Mortgage</strong> <strong>Law</strong><br />
The reverse mortgage act is also<br />
designed to assure that<br />
borrowers receive more<br />
education and financial adviser<br />
prior to taking out these loans.<br />
Its main purpose is to shield<br />
vulnerable borrowers from<br />
unscrupulous and predatory<br />
lending practices.
<strong>Benefits</strong> <strong>of</strong> <strong>New</strong> <strong>Reverse</strong> <strong>Mortgage</strong> <strong>Law</strong><br />
By using the new law the attorney general will be able to<br />
create new educational manuals, booklets, and website<br />
contents as well as educational documents are provided<br />
more in – depth information to consumers who are seeking<br />
a reverse mortgage. The consumers are now well aware<br />
about <strong>Reverse</strong> <strong>Mortgage</strong> in Illinois.
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