Massachusetts Office of Consumer Affairs and Business Regulation issues guidance on reverse mortgages

State Issues Covid-19 Massachusetts Bank Compliance Reverse Mortgages

On April 27, the Massachusetts Office of Consumer Affairs and Business Regulation, Division of Banks, issued guidance relating to compliance with the reverse mortgage counseling requirements under An Act Providing for a Moratorium on Evictions and Foreclosures During the Covid-19 Emergency, which was signed into law and effective on April 20, 2020. The act provides that the in-person counseling requirement under specific provisions of Massachusetts law can alternatively be met by synchronous, real-time video conference or by telephone. The division also provides guidance for counseling options for reverse mortgage counseling, HUD Certificate of HECM counseling, and other reverse mortgage programs.