# Commercial Law (GCL)

## Title 12. Credit Regulations

### Subtitle 12. Reverse Mortgage Loans Act

#### Section 12-1206

(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. Sec. 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.

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Md. Code Ann., Com. Law (as displayed at mgaleg.maryland.gov, October 16, 2026)