§ 34-25.1-15 - Property held in name or trust. - Rhode-island Statutes

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SECTION 34-25.1-15

§ 34-25.1-15 Property held in name ortrust. – (a) It is the intention of chapter 34-25.1 that the cash advances made under areverse mortgage shall be made by the lender to the mortgagor. In the eventthat legal title to the property encumbered by a reverse mortgage is held intrust:

(1) The reverse mortgage proceeds may be received by theoccupant of the property provided that the occupant is a beneficiary of thetrust;

(2) References in subdivision 34-25.1-7(a)(5) to themortgagor shall be deemed to refer to the occupant of the property providedthat the occupant is a beneficiary of the trust;

(3) References in subdivision 34-25.1-7(s)(6) to absencesfrom the home shall be deemed to refer to the occupant of the property providedthat the occupant is a beneficiary of the trust.

State Codes and Statutes

Statutes > Rhode-island > Title-34 > Chapter-34-25-1 > 34-25-1-15

SECTION 34-25.1-15

§ 34-25.1-15 Property held in name ortrust. – (a) It is the intention of chapter 34-25.1 that the cash advances made under areverse mortgage shall be made by the lender to the mortgagor. In the eventthat legal title to the property encumbered by a reverse mortgage is held intrust:

(1) The reverse mortgage proceeds may be received by theoccupant of the property provided that the occupant is a beneficiary of thetrust;

(2) References in subdivision 34-25.1-7(a)(5) to themortgagor shall be deemed to refer to the occupant of the property providedthat the occupant is a beneficiary of the trust;

(3) References in subdivision 34-25.1-7(s)(6) to absencesfrom the home shall be deemed to refer to the occupant of the property providedthat the occupant is a beneficiary of the trust.

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State Codes and Statutes

Statutes > Rhode-island > Title-34 > Chapter-34-25-1 > 34-25-1-15

SECTION 34-25.1-15

§ 34-25.1-15 Property held in name ortrust. – (a) It is the intention of chapter 34-25.1 that the cash advances made under areverse mortgage shall be made by the lender to the mortgagor. In the eventthat legal title to the property encumbered by a reverse mortgage is held intrust:

(1) The reverse mortgage proceeds may be received by theoccupant of the property provided that the occupant is a beneficiary of thetrust;

(2) References in subdivision 34-25.1-7(a)(5) to themortgagor shall be deemed to refer to the occupant of the property providedthat the occupant is a beneficiary of the trust;

(3) References in subdivision 34-25.1-7(s)(6) to absencesfrom the home shall be deemed to refer to the occupant of the property providedthat the occupant is a beneficiary of the trust.