Skip to content

SB 1609: Elder Abuse in Reverse Mortgages Prevention (2006)


SB 1609 protects seniors from elder financial abuse associated with reverse mortgages.  First, it requires that seniors receive financial counseling from a HUD approved counselor before applying for a reverse mortgage.  Second, it requires lenders to prepare loan documents in the language in which the reverse mortgage was negotiated.  Finally, it prohibits lenders from requiring a borrower to purchase an annuity as a condition of the loan.

Signed by the Governor.

For more information, you can read the SB 1609 "Fact Sheet" prepared by a member of Senator Simitian's staff.

Final Status and Text

SB 1609 is no longer active. Its final status was:
Signed into Law

You can read its final text on the Legislature's Bill Information site.

News & Press Releases about SB 1609

05/25/2012 - Seniors Honor Simitian for Financial Abuse Protections

08/16/2007 - Consumer Rights Group Rates Simitian 100%

09/05/2006 - MEDIA ADVISORY: Governor to Sign Elder Abuse Bill in Palo Alto

08/29/2006 - Senior Groups Urge Governor to Sign Bill to Curb Elder Financial Abuse

02/27/2006 - Simitian Announces "There Oughta Be A Law" Contest Winners and Pushes Vetoed "Oughta" Bill