Olympian (WA) (06/12/08); Wilson, Adam
In Washington, a new law that places mortgage brokers not subject to the state Mortgage Broker Practices Act under the authority of the Consumer Loan Act will prevent them from offering reverse mortgages to seniors looking to extract cash from their homes. David Willis of Allied Home Mortgage Capital Corp. says seniors will no longer have easy access to such loans because a majority of local banks do not offer them. After speaking with the state Department of Financial Services, Willis says it was determined that legislation would be necessary to make it possible for these brokers to once again offer reverse loans.
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