§ 12–1206
Statutes in effect as of October 1, 2026.
Md. Code Ann., Com. Law § 12-1206 (2026)
Title 12. Credit Regulations
Subtitle 12. Reverse Mortgage Loans Act
§ 12–1206LinkCopy Citation
(a)
(1)
Except as provided in paragraph (2) of this subsection, a lender or an arranger of financing may not require a borrower to purchase an annuity, a long–term care policy, or other financial or insurance product as a condition to obtaining a reverse mortgage loan.
(2)
A lender or an arranger of financing may require a borrower to purchase title insurance, hazard, flood, or other peril insurance, and any other financial or insurance product that is required for reverse mortgage loans insured under 12 U.S.C. § 1715z–20.
(b)
A lender or an arranger of financing may not refer a borrower to any person for the purchase of an annuity or any other financial or insurance product before the later of:
(1)
The closing of the reverse mortgage loan; or
(2)
The expiration of the borrower’s right to rescind the reverse mortgage loan agreement.
(c)
This section does not prohibit a lender or an arranger of financing from offering to a borrower, or referring a borrower to a person for the purchase of:
(1)
Title insurance;
(2)
Hazard, flood, or other peril insurance; or
(3)
Other products that are customary under a reverse mortgage loan.