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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<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.