Gone are the days when believing legislation in one state would not have an impact in the one you live in. In Oregon, a new Reverse Mortgage ad law will be in effect following New Year's Day 2018 and it could change the way originators and lenders nationwide advertise.
"Under the Beaver State’s new law, which takes effect on New Year’s Day 2018, HECM advertisers will need to include a bevy of information about the products in all print, radio, and television ads — including a discussion of what happens when the loan comes due, a clear enumeration of origination fees, and a warning that the balance of the loan will grow over time," according to Reverse Mortgage Daily.
Now what happens if your company operates on a multi-state scale? Your best bet would be to tailor your advertisements based on each states standards to safeguard yourself from any unlawful practices.
Mike Gruley, 1st Nations Reverse Mortgage Executive Vice President expanded upon this idea in the full report which can be accessed by clicking the image above.