Okla. Stat. tit. 14A, § 14A-3-309.5: Additional disclosures for reverse mortgages

(1) In addition to the disclosures required under Title 14A of

the Oklahoma Statutes, for each reverse mortgage, the creditor

shall, not less than three (3) days prior to consummation of the

transaction, disclose to the consumer in conspicuous type a good

faith estimate of the projected total cost of the mortgage to the

consumer expressed as a table of annual interest rates. Each annual

interest rate shall be based on a projected total future credit

extension balance under a projected appreciation rate for the

dwelling and a term for the mortgage. The disclosure shall include:

(a) statements of the annual interest rates for not less

than three projected appreciation rates and not less

than three credit transaction periods, as determined

by the Administrator, including:

(i) a short-term reverse mortgage;

(ii) a term equaling the actuarial life expectancy of

the consumer; and

(iii) such longer term as the Administrator deems

appropriate; and

(b) a statement that the consumer is not obligated to

complete the reverse mortgage transaction merely

because the consumer has received the disclosure

required under this section or has signed an

application for the reverse mortgage.

(2) In determining the projected total cost of the mortgage to

be disclosed to the consumer under subsection (1) of this section,

the creditor shall take into account:

(a) any shared appreciation or equity that the lender

will, by contract, be entitled to receive;

(b) all costs and charges to the consumer, including the

costs of any associated annuity that the consumer

elects or is required to purchase as part of the

reverse mortgage transaction;

(c) all payments to and for the benefit of the consumer,

including, in the case in which an associated annuity

is purchased, whether or not required by the lender as

a condition of making the reverse mortgage, the

annuity payments received by the consumer and financed

from the proceeds of the loan, instead of the proceeds

used to finance the annuity; and

(d) any limitation on the liability of the consumer under

reverse mortgage transactions, such as nonrecourse

limits and equity conservation agreements.