Establishes pre-loan counseling requirements and borrower rights of recission for reverse mortgage loans.

This bill requires lenders to provide reverse mortgage borrowers with pre-loan counseling and a 7-day right to cancel the loan. It mandates lenders to give borrowers a written checklist covering key topics (like impacts of moving, alternatives to reverse mortgages, tax effects, and home maintenance costs), along with contact information for five HUD-approved, conflict-free counseling agencies. Borrowers must receive in-person counseling and sign a certification verifying this, which must be dated at least three business days before closing. Failure to comply voids the loan or triggers a $1,000 civil penalty for lenders, while borrowers gain the right to rescind the loan within seven days of accepting the lender's commitment.