Md. Code, Commercial Law § 12-1206
Md. Code, Commercial Law § 12-1206
in effect(a) (1) Except as provided in paragraph (2) of this subsection, a lender or an arranger of financing may not require a borrower to purchase an annuity, a long–term care policy, or other financial or insurance product as a condition to obtaining a reverse mortgage loan.
(2) A lender or an arranger of financing may require a borrower to purchase title insurance, hazard, flood, or other peril insurance, and any other financial or insurance product that is required for reverse mortgage loans insured under 12 U.S.C. § 1715z–20.
(b) A lender or an arranger of financing may not refer a borrower to any person for the purchase of an annuity or any other financial or insurance product before the later of:
(1) The closing of the reverse mortgage loan; or
(2) The expiration of the borrower’s right to rescind the reverse mortgage loan agreement.
(c) This section does not prohibit a lender or an arranger of financing from offering to a borrower, or referring a borrower to a person for the purchase of:
(1) Title insurance;
(2) Hazard, flood, or other peril insurance; or
(3) Other products that are customary under a reverse mortgage loan.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gcl§ion=12-1206&enactments=falseFetched: 10/16/2026