(a) A reverse mortgage loan contract must conform to the requirements of this chapter. A reverse mortgage loan, home equity conversion loan, mortgage, or deed of trust that fails to comply with this chapter is unenforceable as to all interest, service fees, and insurance premiums incurred on the loan.
(b) A reverse mortgage loan may, but need not, be insured or guaranteed by a state or federal agency. Reverse mortgage loans that are not FHA-insured are authorized under this chapter; provided, that they comply with all provisions of this part and applicable federal and state law.
(c) A reverse mortgage loan is a non-recourse loan, and the lender's recovery is limited to the proceeds from the sale or transfer of the secured property.
(d) Prior to closing a reverse mortgage loan, the lender shall receive certification that all borrowers and necessary loan participants have received independent counseling from a counselor.