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Are reverse mortgages covered under the Mortgage Brokers, Lenders, and Servicers Licensing Act (MBLSLA)?

April 26, 2017ACT brokers Covered lenders licensing mortgage mortgages reverse Servicers

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Are reverse mortgages covered under the Mortgage Brokers, Lenders, and Servicers Licensing Act (MBLSLA)?

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Yes. The definition of a mortgage loan in the MBLSLA includes a reverse mortgage, as it is a loan secured by real property, if the property is located in this state and used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families.