Once loan papers are signed, how long do I have to change my mind if I get “cold feet” and decide that a reverse mortgage isn’t right for me?
Like other types of loans, reverse mortgages are governed by the Truth in Lending Act (TILA) which provides consumers with a three-day right of rescission during which you can change your mind and cancel the loan. This act gives you extra time to carefully consider your new loan. Sometimes called a cooling off period, it allows you 3 extra (business) days from the date loan papers are signed to be certain the reverse mortgage is exactly what you expected.
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