Improve the disclosures consumers receive for reverse mortgages and impose rules for reverse-mortgage advertising to ensure advertisements contain accurate and balanced information;

Prohibit certain unfair practices in the sale of financial products with reverse mortgages; 

Improve the disclosures that explain a consumer’s right to rescind certain mortgage transactions and clarify the responsibilities of the creditor if a consumer exercises the right; and

Ensure that consumers receive new disclosures when the parties agree to modify the key terms of an existing closed-end mortgage loan.  

The comment period ends 90 days after publication of the proposal in the Federal Register, which is expected shortly.

More info. http://www.federalreserve.gov/newsevents/press/bcreg/20100816e.htm