{"data":{"id":"us-il/765-ilcs-945-20","jurisdiction":"us-il","citation":"765 ILCS 945/20","heading":"","body":"Reverse mortgages cooling-off period.\n(a) Any written commitment provided by the lender to the borrower must contain the material terms and conditions of the reverse mortgage. That commitment may be subject to a satisfactory appraisal and the borrower meeting standard closing conditions.\n(b) A borrower shall not be bound for 3 full business days after the borrower's acceptance, in writing, of a lender's written commitment to make a reverse mortgage loan and may not be required to close or proceed with the loan during that time period. A borrower may not waive the provisions of this subsection (b).\n(c) At the time of making a written commitment, the lender shall provide the borrower a separate document in at least 12-point font that contains the following statement: \"IMPORTANT NOTICE REGARDING THE COOLING-OFF PERIOD: Illinois State law requires a 3-day cooling-off period for reverse mortgage loans, during which time a potential borrower cannot be required to close or proceed with the loan. The purpose of this requirement is to provide potential borrowers with 3 business days to consider their decision whether to secure a reverse mortgage or not. Potential borrowers may want to seek additional information from a reverse mortgage counselor during this 3-day period. The 3-day cooling-off period cannot be waived.\".","path":["CHAPTER 765 PROPERTY","Reverse Mortgage Act."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=3656\u0026ChapterID=62\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:46Z","sha256":"e0af05e3c9d4fcaaebc8254f892f455a8986e43f37613f4458daa02633799f2d","source_id":"us-il","stale":false,"prev":"us-il/765-ilcs-945-15","next":"us-il/765-ilcs-945-25"},"notice":"GroundRules: Original legal text. Not legal advice."}