Title 6 — Banks and Financial Institutions
17 chapters · 553 sections in this title.
A.R.S. § 6-1701 Definitions
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1. "Agreement" means the document that on execution obligates the borrower and originator under the reverse mortgage. 2. "Dwelling" means a residence that is designed principally for at least one and not more than four families in which the borrower occupies at least one of the u…
A.R.S. § 6-1702 Financial counseling; counselor requirements
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A. Adequate counseling under this chapter must be provided by a counselor who is an independent third party. B. To qualify as an independent third party, the counselor may not be associated with or compensated, directly or indirectly, by a party involved in any of the following: …
A.R.S. § 6-1703 Required disclosures; counseling
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A. Before accepting a final and complete application for a reverse mortgage or assessing any fees, the originator shall: 1. Provide the borrower with a list of at least five housing counseling agencies, including at least two housing counseling agencies that can provide counselin…
A.R.S. § 6-1704 Reverse mortgage; provisions
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A. A reverse mortgage may provide for a fixed or variable interest rate or future sharing between the originator and the borrower of the appreciation in the value of the property, as agreed on by the originator and the borrower. B. The reverse mortgage agreement shall prominently…
A.R.S. § 6-1705 Prepayment; repayment conditions
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A. Prepayment, in whole or in part, shall be permitted without penalty at any time during the term of a reverse mortgage. B. For the purposes of this section, penalty does not include: 1. Any fees, payments or other charges that would otherwise be due when the reverse mortgage be…
A.R.S. § 6-1706 Borrower liability; prohibited practices; investments; annuities
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A. The borrower is not liable for any difference between the net amount of the borrower's remaining debt under the reverse mortgage and the amount recovered by the originator from the net sales proceeds from the dwelling that is subject to the reverse mortgage. This amount is bas…
A.R.S. § 6-1707 Enforcement
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A. An act or practice in violation of this chapter is an unlawful practice under section 44-1522 and is subject to enforcement through private action and prosecution by the attorney general. B. Any provision of a reverse mortgage agreement that violates this chapter is unenforcea…
A.R.S. § 6-1708 Lien priority and validity
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The full amount secured by a reverse mortgage security interest has the same priority over any other lien on the property as if the full amount had been disbursed on the date of the loan closing regardless of the actual date of any disbursement. The amount secured by the security…