Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:28ha
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 28HA
Character Range: 174813–175885

28HA  Reverse mortgages—credit assistance providers and credit providers to make reasonable inquiries
 (1) This regulation is made for the purposes of the following provisions of the Act:
 (a) section 115 (obligations of credit assistance providers before providing credit assistance for credit contracts);
 (b) section 128 (obligations of credit providers before entering credit contracts or increasing credit limits).
 (2) For the purposes of paragraphs 117(1)(d) and 130(1)(d) of the Act, if the credit to be provided under the credit contract will be used to secure a reverse mortgage over a dwelling or land, the licensee must make reasonable inquiries about the consumer's requirements and objectives in meeting possible future needs, including:
 (a) a possible need for aged care accommodation; and
 (b) whether the consumer prefers to leave equity in the dwelling or land to the consumer's estate.
Note: The licensee's inquiries about the consumer's requirements and objectives are not necessarily limited to the matters referred to in paragraphs (2)(a) and (b).