P.R. Laws tit. 7, § 3064
The following topics must be covered in the information session:
(a) An evaluation of the loan’s advantages and disadvantages specific to the applicant.
(b) An inventory of the finances, assets, liabilities, necessary expenses and income, and of all other options available to the applicant in terms of housing, social services, healthcare, and financial options.
(c) Information about all other financial alternatives available to take advantage of the property’s value, such as selling or taking on a second mortgage or a personal loan.
(d) An explanation of the implications of taking on a reverse mortgage, including loan-related expenses and costs.
(e) Information about consequences in terms of taxes that the reverse mortgage could have, the way in which it could affect the borrower’s eligibility for assistance under Commonwealth and Federal Government programs, and the impact on the rights of heirs.
(f) A special warning stating all the circumstances that could prompt mortgage foreclosure, such as abandonment of property by the borrower due to a medical condition or other unforeseen event or failure to comply with the duty to keep the property in good condition, among others.
(g) An explanation of the process.
(h) An opportunity for the applicant to ask questions and address any doubts.
(i) A notice to the applicant stating that, after receiving a copy of the signed reverse mortgage contract and before the seven (7)-day cooling-off period set forth in § 3066 of this title elapses, the applicant is entitled to obtain further information and analysis from the counselor.
(j) A warning stating that under no circumstances may any third party, whether a relative or friend of the applicant, coerce such applicant to take on a reverse mortgage loan, and that any person acting thus is committing the crime of fraud.
(k) Any other matter covered under the regulations of the United States Department of Housing and Urban Development or which may be included from time to time in any applicable Commonwealth or federal laws or regulations.
History —July 29, 2011, No. 164, § 5, eff. 60 days after July 29, 2011.