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Legislative News and Views - Rep. Carlie Kotyza-Witthuhn (DFL)

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Rep. Kotyza-Witthuhn’s statement on Reverse Mortgage Loan Notices being signed into law

Friday, March 26, 2021

St. Paul, MN - Today, Governor Tim Walz signed House File 333 into law, which requires lenders and servicers of a reverse mortgage loan to notify borrowers that they can identify an additional person to receive communications regarding loan defaults. It also requires the loan servicer to send communications to the borrower’s independent loan counseling agency.

The House author of the bill, Rep. Carlie Kotyza-Witthuhn (DFL - Eden Prairie), released the following statement:

“With reverse mortgage foreclosures increasing, this new law will prevent Minnesotans, especially those suffering from dementia, from losing their homes. By allowing a trusted friend or family member to stay in the loop on their mortgage status, this simple change will help more Minnesota seniors age in place.”