CT HB05565

Prohibits creditors from requiring only the older spouse to be solely obligated on a reverse mortgage transaction with a married couple, effective October 1, 2013.

Allows a creditor to require the older spouse as sole obligant only if the younger spouse was below the federal or private lender's required minimum age at the time the reverse mortgage originated and therefore did not qualify as a borrower.

Applies to reverse mortgage transactions as defined in federal regulations (12 CFR 226.33) involving married residents of Connecticut.

Defines "required minimum age" as the minimum age established by the Federal Housing Administration for FHA-guaranteed reverse mortgages or by private companies for private reverse mortgage products.