Section 190.150  Reverse Mortgage

a)         "Reverse Mortgage" loans shall be granted by credit unions authorized to make real estate loans under Section 46(2) of the Illinois Credit Union Act [205 ILCS 305/46(2)] and for the purposes stated in Section 46(3) of the Illinois Credit Union Act.  Such loans must be on forms and in a manner consistent with all relevant statutory and regulatory authority including Section 190.140.

b)         Such loans shall be based upon prudent lending and underwriting standards and procedures.

c)         No such loan including any existing liens shall exceed 80% of the appraised value of the real estate.

d)         The total of all such loans may not, without prior approval of the Director, exceed one third of all real estate loans outstanding.

(Source:  Amended at 30 Ill. Reg. 18919, effective December 4, 2006)