An Act amending Title 7 (Banks and Banking) of the Pennsylvania Consolidated Statutes, in mortgage loan industry licensing and consumer protection, further providing for general requirements.

HB 1466 requires mortgage lenders in Pennsylvania to provide mandatory housing counseling to applicants before processing reverse mortgage loans. Specifically, licensees must arrange in-person, phone, or video counseling from a HUD-approved agency, covering reverse mortgage details and alternatives, and issue a certificate documenting the session. This applies to all applicants for reverse mortgages - loans secured by home equity that don’t require repayment until later - and mandates lenders to keep counseling records for the loan’s duration. The bill directly affects mortgage lenders and reverse mortgage applicants, aiming to improve consumer understanding of this complex financial product.