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State governor signs 'Cooling Off' reverse mortgage bill

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Mortgage Professional America | 20 Oct 2014, 07:45 AM Agree 0
The new law extends the application process by implementing a waiting period and worksheet to be signed by all parties.
  • Colette A Gray, | | 21 Oct 2014, 09:48 AM Agree 0
    Before Mr. Medina went to work on AB1700 he might have taken the time to familiarize himself with how the program already works. Who knows how many hundreds of thousands of taxpayer dollars to "fix" something that wasn't broken.

    It seems to me the real point of AB1700 was for politicians to make a lot of noise to get their names in the news and help themselves, not the borrowers. If helping seniors was their goal they might have begun looking for ways to restore funding to the senior programs they cut like Meals on Wheels, Senior Community Service Employment, Qualified Individual Program, Low Income Home Energy, and Social Security to name a few.

    I agree with Paul Fiore. The cooling off period will have a "negligible impact" on business and "In a rising interest rate economy, the borrower may end up with a higher rate of interest by having to wait seven additional days for his/her application to be accepted.”
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