443.906. Reverse mortgage may be made regardless of certain other transactions. - Missouri Statutes

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Statutes > Missouri > T29 > C443 > 443_906

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)

State Codes and Statutes

Statutes > Missouri > T29 > C443 > 443_906

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)

State Codes and Statutes

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State Codes and Statutes

Statutes > Missouri > T29 > C443 > 443_906

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)