765 ILCS 945/1
Short title
Short title. This Act may be cited as the Reverse Mortgage Act. (Source: P.A. 99-331, eff. 1-1-16.)
Illinois Compiled Statutes 765 ILCS 945 — Reverse Mortgage Act.
Illinois · statute · 765 ILCS 945 · 13 active provisions
Provisions
765 ILCS 945/5
General definitions
General definitions. As used in this Act, unless the context otherwise requires: "Borrower" means a natural person who seeks or obtains a reverse mortgage. "Business day" means any calendar day except Saturday, Sunday, or a State or federal holiday. "Homestead property" means the domicile and contiguous real estate own…
765 ILCS 945/10
Reverse mortgages
Reverse mortgages. (a) Reverse mortgage loans shall be subject to all of the following provisions: (1) Payment, in whole or in part, shall be permitted without penalty at any time during the term of the mortgage. (2) A reverse mortgage may provide for an interest rate that is fixed or adjustable and may provide for int…
765 ILCS 945/15
Reverse mortgage disclosures
Reverse mortgage disclosures. (a) The Office of the Attorney General shall develop the content and format of an educational document providing independent consumer information regarding reverse mortgages, potential alternatives to reverse mortgages, and the availability of independent counseling services, including ser…
765 ILCS 945/20
Reverse mortgages cooling-off period
Reverse mortgages cooling-off period. (a) Any written commitment provided by the lender to the borrower must contain the material terms and conditions of the reverse mortgage. That commitment may be subject to a satisfactory appraisal and the borrower meeting standard closing conditions. (b) A borrower shall not be bou…
765 ILCS 945/25
Reverse mortgages; restriction on cross-selling
Reverse mortgages; restriction on cross-selling. No lender may: (1) require the purchase of an annuity, investment, life insurance, or long-term care insurance product as a condition of obtaining a reverse mortgage loan; however, nothing in this paragraph shall preclude a lender from requiring the borrower to purchase…
765 ILCS 945/30
Reverse mortgages; restriction on distribution of loan proceeds
Reverse mortgages; restriction on distribution of loan proceeds. No person, other than a borrower's spouse or partner, who directly or indirectly facilitates, processes, negotiates, assists, encourages, arranges, or otherwise induces consumers to take out a reverse mortgage with a lender may receive any portion of the…
765 ILCS 945/35
Reverse mortgages; certification requirements
Reverse mortgages; certification requirements. (a) No reverse mortgage commitment may be made unless all lenders involved in brokering and making the reverse mortgage loan certify, in writing, that: (1) the borrower has received from the lender the educational document prepared by the Office of the Attorney General req…
765 ILCS 945/40
Enforcement
Enforcement. (a) Any violation of this Act shall also be considered an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Only the Attorney General may enforce violations of this Act. The Attorney General shall only find a violation of this Act if the conduct constitutes a pattern or pract…
765 ILCS 945/900
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 99-331, eff. 1-1-16; text omitted.)
765 ILCS 945/915
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 99-331, eff. 1-1-16; text omitted.)
765 ILCS 945/925
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 99-331, eff. 1-1-16; text omitted.)
765 ILCS 945/935
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 99-331, eff. 1-1-16; text omitted.)