No financial institution shall issue a reverse mortgage loan unless it is a lender approved by the federal Department of Housing and Urban Development (HUD) to enter into a loan insured by the federal government and the reverse mortgage loan complies with all requirements for participation in the HUD 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 government sponsored enterprise reverse mortgage loan. (Added 2009, No. 53, § 4.)