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Are reverse mortgages covered under the Mortgage Brokers, Lenders, and Servicers Licensing Act (MBLSLA)?

Are reverse mortgages covered under the Mortgage Brokers, Lenders, and Servicers Licensing Act (MBLSLA)?

Yes.  The definition of a mortgage loan in the MBLSLA includes a reverse mortgage, as it is a loan secured by real property, if the property is located within this state and used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families.