CT HB06989

Entities accepting reverse annuity mortgage applications must inform applicants of counseling requirements and provide a list of at least five HUD-approved independent housing counseling agencies before accepting final applications or assessing fees.

Applicants must obtain counseling from an independent housing counseling agency and provide signed certification of completion prior to loan acceptance.

Counseling sessions or loan originations must be conducted in person, with certifications signed by both the applicant and counselor or loan originator, including date, names, addresses, and telephone numbers.

Independent housing counseling agencies cannot receive compensation from lenders or other loan-related entities; non-in-person counseling must be conducted by telephone only.

Violations are classified as unfair or deceptive trade practices under Connecticut law; lenders must maintain certifications in accurate, reproducible, and accessible format for the loan term.

Effective date: October 1, 2017.