47-30-113 - Notice of foreclosure Continuation of interest.
47-30-113. Notice of foreclosure Continuation of interest.
When a borrower's obligation to repay the reverse mortgage loan is triggered under § 47-30-112, in addition to all rights conferred upon owners and borrowers under title 35, chapter 5, the lender must give the borrower not less than sixty (60) days' notice of its intent to initiate foreclosure proceedings. If the contract so provides, interest will continue to accrue during the sixty-day period.
[Acts 1993, ch. 410, § 14.]