Quick facts about the Reverse Mortgages Project
February 6, 2017
BY Kevin Zakreski
This post is part of a series highlighting four projects endorsed in the Agenda for Justice 2017 published by the Canadian Bar Association, BC Branch. To read the other posts in the series click here.
About the project
The Reverse Mortgages Project:
- was carried out from 2004 to 2006 by BCLI’s division the Canadian Centre for Elder Law;
- featured a six-month consultation, which included a presentation at the 2005 Canadian Elder Law Conference;
- culminated in a final report containing a draft of recommended reverse mortgages legislation.
What will reverse mortgages legislation do?
Reverse mortgages legislation will:
- require that reverse-mortgage borrowers receive enhanced disclosure about the loan they are entering into and its implications for their finances;
- create a seven-day cooling-off period starting the day after the borrower receives the required disclosure;
- give borrowers access to enhanced statutory remedies.
Why should the legislature enact it?
Reverse mortgages legislation will benefit British Columbians by:
- protecting the vulnerable class of older-adult borrowers who may be eligible for a reverse mortgage;
- ensuring that best practices prevail within the reverse-mortgage industry.
For more information on the Reverse Mortgages Project, please visit the project webpage.