Indiana Code 24-4.4-2-503. Reverse mortgages; pamphlet; counseling required for debtor
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Sec. 503. A creditor in a first lien mortgage transaction that:
(2) otherwise constitutes a reverse mortgage;
(1) qualifies as a home equity conversion mortgage under the Federal Housing Administration’s program; or
Terms Used In Indiana Code 24-4.4-2-503
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
shall provide the debtor with a pamphlet that is approved by the department and that describes the availability of reverse mortgage counseling services provided by housing counselors approved by the Secretary of the United States Department of Housing and Urban Development, as provided in 24 C.F.R. § 206.41(a). The debtor must receive the counseling described in this section and present the creditor with the certificate described in 24 C.F.R. § 206.41(c) before the creditor may make a first lien mortgage transaction described in this section to the debtor.
As added by P.L.35-2010, SEC.27.