P.R. Laws tit. 7, § 3066
(a) The applicant, upon having agreed in writing to the offer made by the financial institution in connection with a reverse mortgage loan, shall have a cooling-off period of seven (7) days, during which period he/she may not be forced to move forth the loan or be demanded to close the transaction. The financial institution shall furnish to the applicant a written notice to inform him/her of such cooling-off period, which notice must be attached to a separate document in legible type (at least 12 points). The applicant may not waiver the provisions of this section.
A borrower shall have the right to terminate a reverse mortgage loan within a three (3)-day term as of the date of closing, as established in the Code of Federal Regulations, Rule Z, adopted under the Truth in Lending Act.
History —July 29, 2011, No. 164, § 7, eff. 60 days after July 29, 2011.