The line between reverse mortgages and home equity sharing products got a little blurrier on Thursday when a Ninth Circuit Court of Appeals panel reversed a lower court’s dismissal order in a proposed class-action suit against Unison.

The opinion found that the plaintiffs suing Unison have shown that their arrangement with the company amounts to a reverse mortgage and must follow the special statutory requirements for reverse lending products.

The three-judge panel stated in their opinion that plaintiffs Charles Boyd Olson and Janine Olson offered valid consumer protection claims against Unison and remanded the case for further proceedings. details ⇒

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