(1) Reverse mortgage lenders are prohibited from engaging in any of the following acts in connection with the making, servicing, or collecting of a reverse mortgage loan:(1) Misrepresenting material facts, making false promises, or engaging in a course of misrepresentation through agents or otherwise;(2) Failing to disburse funds in accordance with the terms of the reverse mortgage loan contract or other written commitment;(3) Improperly refusing to issue a release of a mortgage;(4) Engaging in any action or practice that is unfair or deceptive, or that operates a fraud on any person;(5) Contracting for or receiving shared appreciation;(6) Closing a reverse mortgage loan without receiving certification from a counselor that the borrower has received counseling on the advisability of a reverse mortgage loan and the appropriate reverse mortgage loan for the borrower; (7) Failing to comply with this chapter; or(8) Engaging in cross-selling by requiring or soliciting the purchase of an annuity, insurance policy, or other financial product as a condition of obtaining or authorizing a reverse mortgage loan.
(1) Misrepresenting material facts, making false promises, or engaging in a course of misrepresentation through agents or otherwise;
(2) Failing to disburse funds in accordance with the terms of the reverse mortgage loan contract or other written commitment;
(3) Improperly refusing to issue a release of a mortgage;
(4) Engaging in any action or practice that is unfair or deceptive, or that operates a fraud on any person;
(5) Contracting for or receiving shared appreciation;
(6) Closing a reverse mortgage loan without receiving certification from a counselor that the borrower has received counseling on the advisability of a reverse mortgage loan and the appropriate reverse mortgage loan for the borrower;
(7) Failing to comply with this chapter; or
(8) Engaging in cross-selling by requiring or soliciting the purchase of an annuity, insurance policy, or other financial product as a condition of obtaining or authorizing a reverse mortgage loan.