---
urn: urn:us-la:rs:6:1103
citation: "R.S. 6:1103"
status: active
breadcrumb: "Title 6 › Chapter 14 › Part IV"
acts_citations:
  - { year: 2010, number: 418, section: 1, effective_date: null, role: enactment }
---

# Commitment and cooling off period

In connection with a conventional reverse mortgage loan, at least seven calendar days prior to closing a reverse mortgage loan, a reverse mortgage lender shall provide the borrower with a loan term sheet or commitment letter outlining the proposed terms of the loan and informing the borrower that the borrower is not obligated to proceed with the loan transaction.