{"data":{"id":"us-md/md.-code-commercial-law-12-1206","jurisdiction":"us-md","citation":"Md. Code, Commercial Law § 12–1206","heading":"","body":"(a) (1) Except as provided in paragraph (2) of this subsection, a lender or an arranger of financing may not require a borrower to purchase an annuity, a long–term care policy, or other financial or insurance product as a condition to obtaining a reverse mortgage loan.\n(2) A lender or an arranger of financing may require a borrower to purchase title insurance, hazard, flood, or other peril insurance, and any other financial or insurance product that is required for reverse mortgage loans insured under 12 U.S.C. § 1715z–20.\n(b) A lender or an arranger of financing may not refer a borrower to any person for the purchase of an annuity or any other financial or insurance product before the later of:\n(1) The closing of the reverse mortgage loan; or\n(2) The expiration of the borrower’s right to rescind the reverse mortgage loan agreement.\n(c) This section does not prohibit a lender or an arranger of financing from offering to a borrower, or referring a borrower to a person for the purchase of:\n(1) Title insurance;\n(2) Hazard, flood, or other peril insurance; or\n(3) Other products that are customary under a reverse mortgage loan.","path":["Article - Commercial Law"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gcl\u0026section=12-1206","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:56:33Z","sha256":"c43555d3f8850c4cb19163c774d05a999f2760e93055ebc557e82e2f43eced50","source_id":"us-md","stale":false,"prev":"us-md/md.-code-commercial-law-12-1205","next":"us-md/md.-code-commercial-law-12-1207"},"notice":"GroundRules: Original legal text. Not legal advice."}