HECM Program: Home Equity Conversion Mortgage Program under the National Housing Act - primary federal regulation governing reverse mortgages insured by FHA
TILA: Truth in Lending Act - requires lenders to disclose key terms and costs in lending transactions, including reverse mortgages
RESPA: Real Estate Settlement Procedures Act - regulates real estate settlement processes and prohibits kickbacks and referral fees
FHA Regulations: Federal Housing Administration rules governing reverse mortgage insurance, borrower eligibility, and property standards
HERA 2008: Housing and Economic Recovery Act of 2008 - established additional safeguards for reverse mortgages and created FHFA
Dodd-Frank Act: Comprehensive financial reform law affecting mortgage lending practices and consumer protections
CFPB Regulations: Consumer Financial Protection Bureau rules protecting borrowers in reverse mortgage transactions
HUD Counseling Requirements: Mandatory counseling requirements for reverse mortgage borrowers to ensure understanding of the product
Age Requirements: Federal requirement that reverse mortgage borrowers must be 62 years or older
Non-recourse Provisions: Legal requirements ensuring borrowers won't owe more than the home's value at loan termination
State Mortgage Laws: State-specific regulations governing mortgage lending and real estate transactions
State Recording Requirements: State-specific rules for recording mortgage documents and property transfers
State Disclosure Requirements: State-mandated disclosures specific to reverse mortgage transactions
State Homestead Laws: State provisions protecting homeowners' primary residences from creditors
Local Recording Requirements: County and municipal rules for recording real estate documents
Property Tax Regulations: Rules regarding ongoing property tax obligations and their relationship to reverse mortgage terms
Insurance Requirements: Mandatory property insurance and mortgage insurance requirements for reverse mortgages
Right of Rescission: Federal rules providing borrowers the right to cancel the reverse mortgage within a specified timeframe
Title Insurance Requirements: Rules governing title insurance requirements for reverse mortgage properties
