Bill > HB2302

This bill amends the Pennsylvania Consolidated Statutes to require mortgage loan licensees who accept applications for reverse mortgage loans to provide in-person, face-to-face housing counseling to applicants from a U.S. Department of Housing and Urban Development (HUD)-approved housing counseling agency. If the applicant is unable or chooses not to meet in person, the counseling can be conducted over the telephone or through video teleconference. After the counseling, the licensee must issue a certificate with the applicant's and counselor's signatures, the date of the counseling, and the counseling organization's information, and maintain this certificate for the duration of the loan.