1998 Minnesota Statutes

     462A.28 Home equity conversion loan counseling program. 

    Subdivision 1.    Program administration.  The agency 
 shall select and contract with a nonprofit corporation to 
 administer a home equity conversion loan counseling program for 
 senior homeowners.  The organization selected must meet the 
 following requirements: 

    (1) its primary purpose is to assist elderly persons in 
 obtaining and maintaining affordable housing; 

    (2) it is knowledgeable about reverse mortgage programs; 

    (3) it has experience in counseling older persons on 
 housing, including knowledge of alternative living arrangements 
 for older persons; and 

    (4) it has knowledge of existing public support programs 
 for older persons. 

    Subd. 2.    Program responsibilities.  The organization 
 selected to administer the counseling program in subdivision 1 
 must perform the following program responsibilities with program 
 clients: 

    (1) conduct a review of reverse mortgage programs, 
 including the advantages, disadvantages, and alternatives; 

    (2) explain the effects of the mortgage on the client's 
 estate and public benefits; 

    (3) explain the lending process; and 

    (4) discuss the client's supplemental income needs. 

    HIST: 1989 c 328 art 1 s 18