MO HB323

Mortgage companies and loan servicing agents must disclose full loan terms and notify all persons with recorded interests in the property within 30 days of request or at least 30 days before foreclosure proceedings begin.

Persons with recorded interests in mortgaged property must receive within 30 days of request a full accounting of the loan including balance due, monthly payments, interest rates, late charges, principal paid, escrow statement, and amortization schedule.

Persons with recorded interests must be notified of any default in monthly payments and given 30 days to cure the default regardless of who is liable on the loan.

Authorized lenders making reverse mortgage loans must allow heirs at least 15 years to repay the loan after the borrower's death at the average mortgage interest rate in effect on the date of death.

Heirs and personal representatives of reverse mortgage borrowers must receive full loan accounting, escrow statements, and payment information within 30 days of notifying the lender of the borrower's death or at least 30 days before foreclosure proceedings begin.