P.R. Laws tit. 7, § 3068
Persons or entities which recommend, process or sell reverse mortgage loans for direct or indirect financial gain, shall, during the process of informing the public about the product they offer, refrain from making the following false or deceptive representations:
(a) That the debtor of a reverse mortgage loan shall never owe an amount greater than the property’s value.
(b) That the reverse mortgage is a federal government benefit and not a mortgage loan.
(c) That the borrower shall receive “lifetime” income.
(d) That the borrower shall never be at risk of losing his/her home.
(e) That the financial institution is somehow affiliated to the federal government or that it is offering the product “under a federal government program”.
(f) Any other representation which implies a benefit or creates an expectation inconsistent with the cost, nature, and complexity of reverse mortgage loans.
History —July 29, 2011, No. 164, § 9, eff. 60 days after July 29, 2011; July 20, 2012, No. 143, § 4.