§ 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 stated amount thereof;
(3) All future advances shall be evidenced by a note or notes signed by the obligor whose indebtedness is secured by the mortgage deed;
(4) The original mortgage deed shall be executed and recorded on or after January 1, 1985; and
(5) The mortgage shall provide an address at which mortgagee will accept written notices pursuant to §§ 34-25.1-3(b) and 34-25.1-4.
History of Section.P.L. 1986, ch. 475, § 1.
Structure Rhode Island General Laws
Chapter 34-25.1 - Reverse Mortgages
Section 34-25.1-1. - Reverse mortgages.
Section 34-25.1-2. - Form of reverse mortgage.
Section 34-25.1-3. - Priority over encumbrances not previously recorded.
Section 34-25.1-5. - Discharge of reverse mortgage.
Section 34-25.1-6. - Mortgages to which this chapter applies.
Section 34-25.1-7. - Reverse mortgage loan requirements.
Section 34-25.1-8. - Mortgagees authorized to take reverse mortgages.
Section 34-25.1-9. - Required counseling.
Section 34-25.1-10. - Pre-closing disclosures.
Section 34-25.1-11. - Annual account statements and other required disclosures.
Section 34-25.1-12. - Non-binding on the applicant.
Section 34-25.1-13. - Attorneys-in-fact — Guardians.
Section 34-25.1-14. - Regulations.