443.906. Reverse mortgage may be made regardless of certain other transactions.
Reverse mortgage may be made regardless of certain other transactions.
443.906. Reverse mortgage loans may be made or acquired withoutregard to the following provisions for other types of mortgagetransactions:
(1) Limitations on the purpose and use of future advances or anyother mortgage proceeds;
(2) Limitations on future advances to a term of years, or limitationson the term of credit line advances;
(3) Limitations on the term during which future advances takepriority over intervening advances;
(4) Requirements that a maximum mortgage amount be stated in themortgage;
(5) Prohibitions on balloon payments;
(6) Prohibitions on compound interest;
(7) Interest rate limits under the usury statutes;
(8) Requirements that a percentage of the loan proceeds must beadvanced prior to loan assignment.
(L. 1995 H.B. 63, et al. § 3)