Section 55.01 - Authority, Purpose and Scope(1)Authority. 209 CMR 55.00 is issued pursuant to M.G.L. c. 167E, § 7A and M.G.L. c. 171, § 65C1/2.(2)Purpose. The purpose of 209 CMR 55.00 is to implement the additional consumer protections afforded by the law to reverse mortgage borrowers that fall within a certain income and asset threshold. Pursuant to M.GL. c. 167E, § 7 or M.GL. c. 171, § 65C, a mortgagee is prohibited from making a reverse mortgage loan unless the mortgagor has affirmatively opted in to the reverse mortgage and has received counseling from a counselor employed by a third party organization whose counseling program has been approved by the Executive Office of Elder Affairs.(3)Scope. 209 CMR 55.00 applies to any mortgagee engaged in making reverse mortgage loans to any mortgagor, as defined in 209 CMR 55.02.