§ 34-25.1-1. Reverse mortgages. Whenever a mortgage deed in statutory form or other form mortgaging real property is clearly entitled at the beginning thereof, reverse mortgage to secure present and future loans under chapter 25 of this title and in all other respects complies with the requirements of § 34-25.1-2, the mortgage deed shall be […]
§ 34-25.1-10. Pre-closing disclosures. At least three (3) business days before closing of the loan, all mortgagees, or their authorized representative who is then duly licensed by the Rhode Island department of business regulation as lender or as a loan broker shall provide in writing all of the following information to, each prospective reverse mortgage […]
§ 34-25.1-11. Annual account statements and other required disclosures. (a) At the closing of the reverse mortgage loan, the mortgagee shall provide to the mortgagor(s) contact information for the mortgagee’s (or its assignee’s or servicing agent’s, as the case may be) employee(s) or agent(s) who have been designated specifically to respond to inquiries concerning reverse […]
§ 34-25.1-12. Non-binding on the applicant. An applicant for a reverse mortgage loan shall not be bound for at least three (3) business days after all of the following shall have occurred: (1) The applicant’s execution and delivery to the mortgagee of a fully completed application for the reverse mortgage loan; (2) The applicant’s delivery […]
§ 34-25.1-13. Attorneys-in-fact — Guardians. All mortgagees shall require any person who executes reverse mortgage loan documents as attorney-in-fact for another to deliver at the closing a written, notarized certification as to all of the following: (1) That the power of attorney is then in full force and effect and has not been revoked or […]
§ 34-25.1-14. Regulations. The director of the department of business regulation shall have the authority to promulgate such regulations as shall be reasonably necessary to carry out §§ 34-25.1-10 through 34-25.1-16. The director of the department of business regulation shall also have the authority to promulgate regulations pursuant to § 34-25.1-7 with respect to unfair […]
§ 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 […]
§ 34-25.1-16. Liberal construction. This chapter shall be construed liberally in aid of its purpose of ensuring that reverse mortgage borrowers fully understand the ramifications of entering into a reverse mortgage transaction. History of Section.P.L. 2008, ch. 19, § 2; P.L. 2008, ch. 21, § 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 […]
§ 34-25.1-3. Priority over encumbrances not previously recorded. (a) The mortgage deed and the rights established therein, shall, to the extent of the loans secured thereby, and interest, taxes, insurance premiums and other obligations as secured thereby, have full priority over all mortgages, liens and encumbrances which have not been recorded prior to the recording […]
§ 34-25.1-4. Relinquishment of security as to additional future advances — Stipulation as to amount due. If the mortgagor desires to terminate the privilege of having the mortgage constitute security for further future advances in addition to all advances theretofore made by the mortgagee on the security of the mortgage, and desires to establish the […]
§ 34-25.1-5. Discharge of reverse mortgage. (a) Notwithstanding the provisions of § 34-26-2, no mortgagee under an open-end mortgage subject to this chapter shall be obligated to discharge such mortgage until such mortgagee receives full satisfaction for the money due thereon and such written agreements as the mortgagee shall reasonably request releasing such mortgagee from […]
§ 34-25.1-6. Mortgages to which this chapter applies. (a) “Mortgage,” as used in this chapter, means a real estate mortgage deed or real estate mortgage instrument entitled, “Reverse mortgage to secure present and future loans under chapter 25.1 of title 34,” and which includes in its provisions the terms and elements set forth in § […]
§ 34-25.1-7. Reverse mortgage loan requirements. (a) A reverse mortgage loan shall comply with all of the following requirements: (1) Reverse mortgages may be written over any period in use by lending institutions, with the outstanding balance due and payable upon the first to occur of the maturity of the loan or the mortgagor’s default […]
§ 34-25.1-8. Mortgagees authorized to take reverse mortgages. (a) Domestic building-loan associations, whether organized by special act of the general assembly or pursuant to the provisions of chapter 22 of title 19, foreign building-loan associations subject to the provisions of chapter 24 of title 19, savings and loan associations organized under the laws of the […]
§ 34-25.1-9. Required counseling. (a) All lenders shall deliver to all reverse mortgage loan applicants a statement, if available, prepared by the office of healthy aging on the advisability and availability of independent counseling and information services. With respect to every reverse mortgage loan, the prospective mortgagor(s) shall complete a reverse mortgage counseling program. An […]
