Florida Gov. Ron DeSantis (R) signed a bill into law this week that changes certain requirements for the state’s reverse mortgage borrowers, a move that the National Reverse Mortgage Lenders Association (NRMLA) says could save money on closing costs.

The new law, House Bill (HB) 7073, changes the way the state’s “documentary stamp tax” can be applied to reverse mortgages, among other provisions related to taxation. The documentary stamp tax “is an excise tax imposed on certain documents executed, delivered, or recorded in Florida” details ⇒

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