(1) No authorized lender shall issue a reverse mortgage loan contract unless it complies with all requirements for participation in HUD's Home Equity Conversion Mortgage Program (or other similar federal reverse mortgage loan program from time to time created) and is insured by the federal housing administration or other similar federal agency or is a Fannie Mae Reverse Mortgage Loan.
(2) Any home equity conversion loan, reverse mortgage loan, mortgage or deed of trust which fails to comply with this chapter is unenforceable as to all interest, service fees, and insurance premiums incurred on the loan.
(3) Prior to accepting an application for a home equity conversion loan, an authorized lender shall refer the borrower to a counselor and shall receive certification from the counselor that all borrowers have received counseling.