(A) No lender authorized by this chapter to make reverse mortgages may accept an application for a reverse mortgage until the lender has obtained from the South Carolina State Housing Finance and Development Authority the content and format of a statement regarding the advisability and availability of independent information and counseling services on reverse mortgages that must be provided by the lender to the borrower pursuant to subsection (B).
(B) No reverse mortgage commitment may be made by a lender unless the loan applicant attests in writing that the applicant received from the lender at the time of initial inquiry the statement provided for in subsection (A).
(C) The Housing Finance and Development Authority shall:
(1) develop and make available to lenders the content and format of the statement described in subsection (A);
(2) refer consumers to independent counseling services with expertise in reverse mortgages.
(D) The Department on Aging shall provide independent consumer information on reverse mortgages and their alternatives.
HISTORY: 1994 Act No. 376, Section 1; 2018 Act No. 261 (S.107), Pt I, Section 5, eff January 1, 2019.
Effect of Amendment
2018 Act No. 261, Section 5, in (D), substituted "Department on Aging" for "Office of the Governor, Division on Aging".
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