Pennsylvania HB1466 mandates housing counseling for reverse mortgage applicants.
Pennsylvania HB1466 amends Title 7 of the Pennsylvania Consolidated Statutes to require mortgage loan licensees to provide in-person, face-to-face housing counseling for applicants seeking reverse mortgage loans. If an applicant cannot or chooses not to attend an in-person visit, counseling can be conducted over the phone or via video teleconference. After counseling, a certificate must be issued to the applicant, detailing the counseling session and the parties involved. This certificate must be kept on file for the duration of the loan.
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