CHAPTER 34-25.1
Reverse Mortgages

SECTION 34-25.1-2

§ 34-25.1-2 Form of reverse mortgage.

In order to be entitled to the benefits of this chapter, a mortgage deed shall comply with the following provisions:

(1) The mortgage deed shall contain specific provisions permitting future advances;

(2) At no time shall the unpaid principal balance of indebtedness outstanding under the mortgage deed exceed the stated amount thereof;

(3) All future advances shall be evidenced by a note or notes signed by the obligor whose indebtedness is secured by the mortgage deed;

(4) The original mortgage deed shall be executed and recorded on or after January 1, 1985; and

(5) The mortgage shall provide an address at which mortgagee will accept written notices pursuant to §§ 34-25.1-3(b) and 34-25.1-4.

History of Section.
(P.L. 1986, ch. 475, § 1.)