source:
  type: regulation
  id: tila-15usc-1648
  authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1648 — Reverse mortgages
  description: 'TILA (Truth in Lending Act, 15 U.S.C.), §1648 Reverse mortgages. Captured section-complete from
    Cornell LII (verbatim).

    '
obligations:
- id: tila-15usc-1648-a
  canonical_id: tila-15usc-1648-a
  section: 15 U.S.C. §1648(a)
  description: 'Reverse mortgages — (a): (a) In general In addition to the disclosures required under this subchapter,
    for each reverse mortgage, the creditor shall, not less than 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
    t…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1648
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1648
    snapshot_id: d8e27ca9077d8b72
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:dcce1a49d36f6915b75080c8717ad139d25b848af690c90dcf6aabc54322a449
    paragraph_quote: (a) In general In addition to the disclosures required under this subchapter, for each reverse
      mortgage, the creditor shall, not less than 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— (1) statements of the annual interest rates for not less than 3 projected appreciation
      rates and not less than 3 credit transaction periods, as determined by the Bureau, including— (A) a short-term
      reverse mortgage; (B) a term equaling the actuarial life expectancy of the consumer; and (C) such longer term
      as the Bureau deems appropriate; and (2) 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.
    drafter_attestation: Verbatim slice of 15 U.S.C. §1648 subsection (a) from Cornell LII snapshot d8e27ca9077d8b72;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1648-b
  canonical_id: tila-15usc-1648-b
  section: 15 U.S.C. §1648(b)
  description: 'Reverse mortgages — (b): (b) Projected total cost In determining the projected total cost of the
    mortgage to be disclosed to the consumer under subsection (a), the creditor shall take into account— (1) any
    shared appreciation or equity that the lender will, by contract, be entitled to receive; (2) all costs and charges
    to t…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1648
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1648
    snapshot_id: d8e27ca9077d8b72
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:dcce1a49d36f6915b75080c8717ad139d25b848af690c90dcf6aabc54322a449
    paragraph_quote: (b) Projected total cost In determining the projected total cost of the mortgage to be disclosed
      to the consumer under subsection (a), the creditor shall take into account— (1) any shared appreciation or
      equity that the lender will, by contract, be entitled to receive; (2) 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; (3) 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 (4) any limitation on the liability
      of the consumer under reverse mortgage transactions (such as nonrecourse limits and equity conservation agreements).
      ( Pub. L. 90–321, title I, § 138 , as added Pub. L. 103–325, title I, § 154(b) , Sept. 23, 1994 , 108 Stat.
      2196 ; amended Pub. L. 111–203, title X, § 1100A(2) , July 21, 2010 , 124 Stat. 2107 .)
    drafter_attestation: Verbatim slice of 15 U.S.C. §1648 subsection (b) from Cornell LII snapshot d8e27ca9077d8b72;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
