As a result, the key question for the court was whether the HEI agreement actually constituted a reverse mortgage loan under the WCLA. To exercise the purchase option, the HEI provider must make an additional payment of $194,250 to the borrower. The homeowners’ may cancel the HEI agreement and terminate the HEI provider’s option right only after the HEI agreement has been in effect for at least 3 years. The court noted that the lower court initially dismissed the homeowner’s claims under the WCLA because the HEI agreement was an option contract, not a loan. The court did not point to a specific term of the HEI agreement as the basis for its finding.