A reverse mortgage-related bill that was introduced in the Maryland state Senate that would have put the onus on lenders to cover some extra expenses tied to the Home Equity Conversion Mortgage (HECM) origination process has been withdrawn by the sponsoring senator after conversations with reverse mortgage industry representatives.

Senate Bill 831 would have required reverse mortgage lenders “to establish a certain escrow account for the payment of eligible homeowner expenses and deduct a certain amount of funds from each loan distribution to a borrower.”

The bill would also have details ⇒

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