§ 34-25.1-2 - Form of reverse mortgage. - Rhode-island Statutes

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SECTION 34-25.1-2

§ 34-25.1-2 Form of reverse mortgage.– In order to be entitled to the benefits of this chapter, a mortgage deed shallcomply with the following provisions:

(1) The mortgage deed shall contain specific provisionspermitting future advances;

(2) At no time shall the unpaid principal balance ofindebtedness outstanding under the mortgage deed exceed the stated amountthereof;

(3) All future advances shall be evidenced by a note or notessigned by the obligor whose indebtedness is secured by the mortgage deed;

(4) The original mortgage deed shall be executed and recordedon or after January 1, 1985; and

(5) The mortgage shall provide an address at which mortgageewill accept written notices pursuant to §§ 34-25.1-3(b) and 34-25.1-4.

State Codes and Statutes

Statutes > Rhode-island > Title-34 > Chapter-34-25-1 > 34-25-1-2

SECTION 34-25.1-2

§ 34-25.1-2 Form of reverse mortgage.– In order to be entitled to the benefits of this chapter, a mortgage deed shallcomply with the following provisions:

(1) The mortgage deed shall contain specific provisionspermitting future advances;

(2) At no time shall the unpaid principal balance ofindebtedness outstanding under the mortgage deed exceed the stated amountthereof;

(3) All future advances shall be evidenced by a note or notessigned by the obligor whose indebtedness is secured by the mortgage deed;

(4) The original mortgage deed shall be executed and recordedon or after January 1, 1985; and

(5) The mortgage shall provide an address at which mortgageewill accept written notices pursuant to §§ 34-25.1-3(b) and 34-25.1-4.

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State Codes and Statutes

Statutes > Rhode-island > Title-34 > Chapter-34-25-1 > 34-25-1-2

SECTION 34-25.1-2

§ 34-25.1-2 Form of reverse mortgage.– In order to be entitled to the benefits of this chapter, a mortgage deed shallcomply with the following provisions:

(1) The mortgage deed shall contain specific provisionspermitting future advances;

(2) At no time shall the unpaid principal balance ofindebtedness outstanding under the mortgage deed exceed the stated amountthereof;

(3) All future advances shall be evidenced by a note or notessigned by the obligor whose indebtedness is secured by the mortgage deed;

(4) The original mortgage deed shall be executed and recordedon or after January 1, 1985; and

(5) The mortgage shall provide an address at which mortgageewill accept written notices pursuant to §§ 34-25.1-3(b) and 34-25.1-4.