P.R. Laws tit. 7, § 3067
(a) When closing a reverse mortgage, the lender shall provide the borrower with the name of the lender’s employee or agent designated for the specific purpose of addressing any questions or doubts of the borrower in connection with the reverse mortgage. The lender shall update this information annually or whenever any change takes place regarding the employee or agent designated by the lender to address questions or doubts.
(b) At the end of each calendar year and upon expiration of the loan’s term, the lender shall issue to the borrower, free of charge, an account statement, which shall be available in Spanish and English, on the mortgage’s activity corresponding to the preceding twelve (12) months or to the period elapsed since the last account statement was issued. The statement shall include the following:
(1) The total outstanding balance at the beginning of the account statement period.
(2) Fund disbursements made to the borrower.
(3) The total amount of interest added to the loan’s outstanding balance.
(4) The amount of property taxes, insurance premiums, and other fees paid by the lender.
(5) Payments made to the lender.
(6) The total outstanding balance of the mortgage as of the date of the statement.
(7) The amount of the remainder available to the borrower in cases of reverse mortgages in which disbursements have been withheld to be paid in one or two lump sum amounts.
(c) In the event that the financial institution which originated the loan sells such loan to another institution, it shall be the duty of the originating institution to ensure that the new institution is able to provide annual information and customer service resources to the borrower in the Spanish language.
History —July 29, 2011, No. 164, § 8, eff. 60 days after July 29, 2011.