Q & A | Reverse Mortgage Forms

Q: Since Reverse Mortgages are not covered by the new TILA-RESPA Rule, does a lender have the option to use the new Integrated Disclosure Forms (Loan Estimate and Closing Disclosure) on these transactions?

A: The CFPB has answered this question, stating that the lender would not be prohibited from using the new disclosure forms on transactions not covered by the TILA-RESPA Rule, but cannot use the new forms instead of the GFE, HUD-1 and Truth-in-Lending forms for reverse mortgages that require those disclosure forms.