MO HB1757

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

Lenders must notify all persons with recorded interests of any payment defaults and allow them 30 days to cure the default regardless of loan liability.

Persons with recorded interests are entitled to receive a complete loan accounting including escrow statements, total balance due, interest rates, late charges, principal paid, and amortization schedules within 30 days of request.

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.

Lenders must disclose reverse mortgage terms to heirs and the personal representative of the decedent's estate and provide full loan accounting within 30 days of notification of death or upon request, with heirs required to provide proof of heirship through will, letters of administration, or affidavit of death.