customers in need of solutions. “The end goal is to make sure there’s a healthy and robust marketplace so we can further assist those people who want to effectively age in place with a reverse mortgage,” Irwin says. State Issues The Weiner Brodsky Kider team helps chart the legislative proposals that could impact reverse mortgage lenders and servicers state by state, Shahin says. Weiner Brodsky Kider and NRMLA’s State and Local Committee, including Committee Chair Scott Norman of Finance of America Reverse, identify the bills that are more problematic and might warrant a letter, a grassroots campaign or draft language that addresses lawmakers’ concerns while recognizing the realities of reverse mortgages. Recent wins include: • Utah lowered the minimum age for proprietary reverse mortgage borrowers from 62 to 55. The new law, signed by Gov. Spencer Cox, also reduces the cooling-off period from seven days to five. In other words, after a prospective borrower accepts a lender’s written commitment to make a reverse mortgage, the lender may not bind the prospective borrower to the reverse mortgage earlier than five days after the day on which the prospective borrower gives the written acceptance to the lender. • In a partial victory, Massachusetts extended a coronavirus-era rule allowing counseling by telephone or video for prospective reverse mortgage borrowers. However, the one-year extension sunsets March 31, 2024. With leadership from George Downey, CRMP, and Brett Kirkpatrick, CRMP, of The Federal Savings Bank, NRMLA and its members will continue to advocate for permanency and ease of access for consumers. “The same arguments that were valid three years ago are still valid today,” Shahin says. • A new Colorado law prevents a HECM from being called due and payable because of the borrower’s temporary absence from the home due to a natural disaster. Eligible homeowners must meet certain conditions, including compliance with the terms and conditions of the reverse mortgage. Often, advocacy involves education to dispel misunderstandings and remind lawmakers that strong guardrails protect today’s reverse mortgages and their customers. “By educating them, they realize that some of the language or restrictions proposed aren’t necessary because the product already has those safeguards built into it,” Shahin says. That was the case in Colorado, where the NATIONWIDE REVERSE MORTGAGE FIELD SERVICE EXPERTS FOR OVER 30 YEARS 1.800.639.2151 www.nfronline.com Inspections - Preservation - Insurance Loss Inspections - Violation Management - Vacant Property Registrations - Utility Management - REO Services - Special Services Being Vigilant continued from page 25 26 REVERSE MORTGAGE / SEPTEMBER–OCTOBER 2023
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