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California is the place to watch as their legislation eventually seems to end up in Minnesota. Right now they are awaiting a signature from Governor Schwarzenegger on Senate Bill 1609. Since the bill passed both houses, the Governor now has 30 days in which to sign it. This bill places a restraint on mortgage companies who originate reverse mortgages. Home owners will be required to attend counseling on the value of the reverse mortgage to their situation before they can sign on the dotted line. This action by the California legislature makes me cautious! The client definitely has to know what they are doing before they sign. |
(c) Bonnie Erickson 2006
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