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.\nA 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.\nHistory —July 29, 2011, No. 164, § 7, eff. 60 days after July 29, 2011.