republic-os/legal/us/code/title-15/chapter-41/section-1648.md

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LegalText	15 U.S.C. § 1648	Reverse mortgages	us	united_states_code	code_section	15	COMMERCE AND TRADE	41	CONSUMER CREDIT PROTECTION	1648	15 U.S.C. § 1648	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip	/us/usc/t15/s1648	data/legal/raw/us/code/title-15/usc15.xml	2ba50a84918d5575a01cfce29e02ad98627c15b395b4be8e409a23bb4e51c8e7	6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059	1c0ff649ea5bc8d8b7e6db9f997b1b7f11379caa8ffa6de8b8a7086084ab8e90	2026-07-04	official	legal us-code

15 U.S.C. § 1648 - Reverse mortgages

Text

(a) In general In addition to the disclosures required under this subchapter, for each reverse mortgage, the creditor shall, not less than 3 days prior to consummation of the transaction, disclose to the consumer in conspicuous type a good faith estimate of the projected total cost of the mortgage to the consumer expressed as a table of annual interest rates. Each annual interest rate shall be based on a projected total future credit extension balance under a projected appreciation rate for the dwelling and a term for the mortgage. The disclosure shall include—

(1) statements of the annual interest rates for not less than 3 projected appreciation rates and not less than 3 credit transaction periods, as determined by the Bureau, including—

(A) a short-term reverse mortgage;

(B) a term equaling the actuarial life expectancy of the consumer; and

(C) such longer term as the Bureau deems appropriate; and

(2) a statement that the consumer is not obligated to complete the reverse mortgage transaction merely because the consumer has received the disclosure required under this section or has signed an application for the reverse mortgage.

(b) Projected total cost In determining the projected total cost of the mortgage to be disclosed to the consumer under subsection (a), the creditor shall take into account—

(1) any shared appreciation or equity that the lender will, by contract, be entitled to receive;

(2) all costs and charges to the consumer, including the costs of any associated annuity that the consumer elects or is required to purchase as part of the reverse mortgage transaction;

(3) all payments to and for the benefit of the consumer, including, in the case in which an associated annuity is purchased (whether or not required by the lender as a condition of making the reverse mortgage), the annuity payments received by the consumer and financed from the proceeds of the loan, instead of the proceeds used to finance the annuity; and

(4) any limitation on the liability of the consumer under reverse mortgage transactions (such as nonrecourse limits and equity conservation agreements).

(Pub. L. 90–321, title I, § 138, as added Pub. L. 103–325, title I, § 154(b), Sept. 23, 1994, 108 Stat. 2196; amended Pub. L. 111–203, title X, § 1100A(2), July 21, 2010, 124 Stat. 2107.)

Notes

Editorial Notes

Amendments2010—Subsec. (a)(1). Pub. L. 111–203 substituted “Bureau” for “Board” in two places.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.