§ 10703. Annuities
No person shall require an applicant for a reverse mortgage loan to purchase an annuity as a condition of obtaining a reverse mortgage loan. No person shall:
(1) offer an annuity to the borrower prior to the closing of the reverse mortgage or before the expiration of the right of the borrower to rescind the reverse mortgage agreement;
(2) refer the borrower to anyone for the purchase of an annuity prior to the closing of the reverse mortgage or before the expiration of the right of the borrower to rescind the reverse mortgage agreement. (Added 2009, No. 53, § 4; amended 2025, No. 142 (Adj. Sess.), § 32, eff. July 1, 2026.)