Sec. 79.4. Advertising restrictions

(a) Any advertisement for a reverse mortgage loan shall indicate the name of the entity and, in the event the entity maintains an office in New York, the street address for such office.

(b) Disclosures required by this section shall be clear and conspicuous.

(c) Advertisement of terms that require additional disclosures:

(1) Material terms. An advertisement that references any of the following terms shall include the appropriate qualification listed in subparagraph (2) of this paragraph:

(i) the mortgage insurance premium percentage;

(ii) the interest rate;

(iii) the number of payments or period of payments to the mortgagor;

(iv) the amount of any payments; or

(v) the amount of any origination fees.

(2) An advertisement referencing any of the terms listed in subparagraph (1) of this paragraph shall include the following disclosures as applicable:

(i) the terms provided are projections and actual terms may vary;

(ii) the terms of repayment, which reflect the obligations over the full term of the loan, including any payment of property charges; and

(iii) that origination fees for HUD/HECM loans are capped.

(d) Every lender and broker shall maintain samples of all of its advertisements including, commercial scripts of all radio broadcasts, television broadcasts, and electronic media, for a period of three years from the date of last publication.