CA AB793

Prohibits insurance brokers and agents from participating in, being associated with, or employing parties involved in reverse mortgage origination unless they maintain procedural safeguards ensuring no direct financial incentive to refer customers to reverse mortgage lenders.

Prohibits individuals transacting insurance from receiving compensation, commission, or direct incentive for providing reverse mortgage borrowers with noncasualty insurance products connected to or resulting from the reverse mortgage.

Allows exceptions for standard insurance products customarily offered with reverse mortgages, including title insurance, hazard insurance, flood insurance, and other similar peril insurance.