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.

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.