HECM Program: Home Equity Conversion Mortgage Program under the National Housing Act - primary federal regulation governing reverse mortgages insured by the FHA
TILA and Regulation Z: Truth in Lending Act and its implementing Regulation Z - mandates disclosure requirements and consumer protections for reverse mortgage borrowers
RESPA: Real Estate Settlement Procedures Act - governs real estate settlement processes and prohibits kickbacks and referral fees
ECOA: Equal Credit Opportunity Act - prohibits discrimination in lending based on race, color, religion, national origin, sex, marital status, age, or public assistance
Fair Housing Act: Prohibits discrimination in housing-related transactions, including mortgage lending
Federal Trade Commission Act: Prohibits unfair or deceptive acts or practices in commerce, including mortgage lending
24 CFR Part 206: Code of Federal Regulations section specifically governing Home Equity Conversion Mortgages (HECM)
Dodd-Frank Act: Wall Street Reform and Consumer Protection Act - established the CFPB and enhanced consumer protections in financial transactions
State Mortgage Laws: State-specific regulations governing mortgage lending, including licensing requirements and consumer protections
Non-Borrowing Spouse Rules: HUD regulations protecting non-borrowing spouses from displacement after the borrowing spouse's death
Counseling Requirements: Mandatory HECM counseling requirements to ensure borrowers understand the terms and implications of reverse mortgages
Property Insurance Requirements: Mandatory requirements for maintaining property insurance coverage throughout the term of the reverse mortgage
Default Provisions: Requirements regarding tax and insurance default scenarios and related loan acceleration
Maturity Events: Specific conditions that trigger loan maturity, including death of last borrower, property sale, or failure to meet occupancy requirements
