In prior conversations with HousingWire’s Reverse Mortgage Daily (RMD), leaders of equity sharing companies contend that their products are different from reverse mortgages largely because they are not debt-based instruments.

But a court case playing out in the U.S. Court of Appeals for the Ninth Circuit features plaintiffs who argue that they are — at least under Washington state law. The plaintiffs also say that one company in question is not operating under the regulations that govern reverse mortgage products as it relates to things like interest rates or required counseling.

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