California Senate - California Senate Bill SB 1609 -Reverse Mortgages Counceling

"This bill prohibits a reverse mortgage lender from accepting a reverse mortgage application or assessing any fees until the lender has received a certification from the potential borrower that the borrower receivedindependent counseling regarding the transaction, as specified. The lender would also be required to notify the borrower of the counseling requirement, as specified."

"This bill prohibits a lender from requiring a borrower to purchase an annuity as a part of the reverse mortgage transaction. This bill also requires a reverse mortgage contract to be translated into Spanish, Chinese, Tagalog, Vietnamese, or Korean if the contract was primarily negotiated in one of those languages."