TITLE 34
Property

CHAPTER 34-25.1
Reverse Mortgages

SECTION 34-25.1-15


§ 34-25.1-15 Property held in name or trust.

It is the intention of chapter 34-25.1 that the cash advances made under a reverse mortgage shall be made by the lender to the mortgagor. In the event that legal title to the property encumbered by a reverse mortgage is held in trust:

(1) The reverse mortgage proceeds may be received by the occupant of the property provided that the occupant is a beneficiary of the trust;

(2) References in subdivision 34-25.1-7(a)(5) to the mortgagor shall be deemed to refer to the occupant of the property provided that the occupant is a beneficiary of the trust;

(3) References in subdivision 34-25.1-7(s)(6) to absences from the home shall be deemed to refer to the occupant of the property provided that the occupant is a beneficiary of the trust.

History of Section.
(P.L. 2008, ch. 19, § 2; P.L. 2008, ch. 21, § 2; P.L. 2011, ch. 363, § 15.)