{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-3-309.5","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-3-309.5","heading":"Additional disclosures for reverse mortgages","body":"(1) In addition to the disclosures required under Title 14A of\n\nthe Oklahoma Statutes, for each reverse mortgage, the creditor\n\nshall, not less than three (3) days prior to consummation of the\n\ntransaction, disclose to the consumer in conspicuous type a good\n\nfaith estimate of the projected total cost of the mortgage to the\n\nconsumer expressed as a table of annual interest rates. Each annual\n\ninterest rate shall be based on a projected total future credit\n\nextension balance under a projected appreciation rate for the\n\ndwelling and a term for the mortgage. The disclosure shall include:\n\n(a) statements of the annual interest rates for not less\n\nthan three projected appreciation rates and not less\n\nthan three credit transaction periods, as determined\n\nby the Administrator, including:\n\n(i) a short-term reverse mortgage;\n\n(ii) a term equaling the actuarial life expectancy of\n\nthe consumer; and\n\n(iii) such longer term as the Administrator deems\n\nappropriate; and\n\n(b) a statement that the consumer is not obligated to\n\ncomplete the reverse mortgage transaction merely\n\nbecause the consumer has received the disclosure\n\nrequired under this section or has signed an\n\napplication for the reverse mortgage.\n\n(2) In determining the projected total cost of the mortgage to\n\nbe disclosed to the consumer under subsection (1) of this section,\n\nthe creditor shall take into account:\n\n(a) any shared appreciation or equity that the lender\n\nwill, by contract, be entitled to receive;\n\n(b) all costs and charges to the consumer, including the\n\ncosts of any associated annuity that the consumer\n\nelects or is required to purchase as part of the\n\nreverse mortgage transaction;\n\n(c) all payments to and for the benefit of the consumer,\n\nincluding, in the case in which an associated annuity\n\nis purchased, whether or not required by the lender as\n\na condition of making the reverse mortgage, the\n\nannuity payments received by the consumer and financed\n\nfrom the proceeds of the loan, instead of the proceeds\n\nused to finance the annuity; and\n\n(d) any limitation on the liability of the consumer under\n\nreverse mortgage transactions, such as nonrecourse\n\nlimits and equity conservation agreements.","path":["OK Code","Title 14A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os14A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a6fae4d0ee2f5808a17c388947dcfeabd1aa68da56dfdc3207cc01b1c76c3c28","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-3-309.4","next":"us-ok/okla.-stat.-tit.-14a-14a-3-310"},"notice":"GroundRules: Original legal text. Not legal advice."}