Section 443.906

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 443

Effective - 28 Aug 1995   

  443.906.  Reverse mortgage may be made regardless of certain other transactions. — Reverse mortgage loans may be made or acquired without regard to the following provisions for other types of mortgage transactions:

  (1)  Limitations on the purpose and use of future advances or any other mortgage proceeds;

  (2)  Limitations on future advances to a term of years, or limitations on the term of credit line advances;

  (3)  Limitations on the term during which future advances take priority over intervening advances;

  (4)  Requirements that a maximum mortgage amount be stated in the mortgage;

  (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 be advanced prior to loan assignment.

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(L. 1995 H.B. 63, et al. § 3)