Home Foreclosures: MARYLAND
Md. Code Ann., Com. Law §§ 12-1201 to 12-1208 (West); Md. Code Ann., Real Prop. § 7-105.1 (West)
Definition and Scope
Md. Code Ann., Com. Law §§ 12-1201 to 12-1208 (West); Md. Code Ann., Real Prop. § 7-105.1 (West)
Definition and Scope
Mass. Gen. Laws ch. 19A, § 36; Mass. Gen. Laws ch. 167E, §§ 7, 7A (savings bank, co-operative bank, or trust company); Mass. Gen. Laws ch. 171, §§ 65C, 65C½ (credit unions)
Definition and Scope
Mich. Comp. Laws § 445.1632
Definition and Scope
Minn. Stat. §§ 47.58, 256.99, 582.043
Definition and Scope
23 Miss. Code R. § 103:3.7
Definition and Scope
No applicable law.
Origination
Authorized Lenders: No applicable law.
Disclosures: No applicable law.
Application and Approval: No applicable law.
Cooling Off Period: No applicable law.
Mo. Rev. Stat. §§ 443.901 to 443.912 (Reverse Mortgage Act)
Definition and Scope
Mont. Code Ann. § 71-1-206; Mont. Code Ann. §§ 90-6-501 to 90-6-507 (Reverse Annuity Mortgage Loan Act); Mont. Admin. R. 8.111.401 to 8.111.409
Definition and Scope
Reverse annuity mortgage loan is a loan to eligible applicant in which proceeds are advanced to the mortgagor to provide a monthly tax-free cash payment for ten years. § 90-6-503.
Origination
Neb. Rev. Stat. §§ 45-702, 45-702.1, 45-1068
Definition and Scope
Nev. Rev. Stat. §§ 106.300 to 106.400, 107.400 to 107.560
Definition and Scope
There is no explicit definition of “reverse mortgage.”
Origination
Authorized Lenders: No applicable law.
Disclosures: No applicable law.
Application and Approval: No applicable law.
N.H. Rev. Stat. Ann. §§ 397-A:1 to 397-A:23
Definition and Scope
Generally, mortgage loans available to seniors (sixty-two years of age and older), in which a security interest securing one or more advances is created in the consumer’s dwelling and the payment stream for principal, interest, shared appreciation, or equity is not due and payable until a maturity event or default occurs, or any similar debt instrument as the bank commissioner determines. § 397-A:1.
N.J. Stat. Ann. §§ 46:10B-16 to 46:10B-21 (West) (Senior Citizen Homeowner’s Income Security Act)
Definition and Scope
N.M. Stat. Ann. § 48-7-9 (future advances)
Definition and Scope
There is no explicit definition of “reverse mortgage.”
Origination
Authorized Lenders: No applicable law.
Disclosures: No applicable law.
Application and Approval: No applicable law.
N.Y. Real Prop. Law §§ 280, 280-a, 281 (McKinney); N.Y. Soc. Serv. Law § 131-x (McKinney)
Definition and Scope
N.C. Gen. Stat. § 53-244.110; N.C. Gen. Stat. §§ 53-255 to 53-272 (Reverse Mortgage Act)
Definition and Scope
N.D. Cent. Code § 35-01-05.2; N.D. Admin. Code 75-02-02.1-28
Definition and Scope
There is no explicit definition of “reverse mortgage.”
Origination
Authorized Lenders: No applicable law.
Disclosures: No applicable law.
Application and Approval: No applicable law.
Ohio Rev. Code Ann. §§ 1349.25, 5163.32 (West); Ohio Admin. Code 5160:1-3-05.5
Definition and Scope
Reverse mortgage excluded from definition of “consumer credit mortgage loan transaction” for purposes of consumer credit mortgage loan statute. For purpose of statute “reverse mortgage transaction” has the same meaning as in section 152(a) of the “Home Ownership and Equity Protection Act of 1994,” 108 Stat. 2190, 15 U.S.C. 1602 and the regulations adopted thereunder. § 1349.25.
Okla. Stat. tit. 14A, §§ 1-301(18), 3-309.5
Definition and Scope
Or. Rev. Stat. §§ 86A.100, 86A.195, 86A.196; Or. Admin. R. 461-145-0330
Definition and Scope
“Reverse mortgage” means a residential mortgage transaction in which the lender provides loan proceeds to a borrower in a lump sum or in monthly installments with the expectation that the borrower will repay the loan from the proceeds of a sale or transfer of the real property that secures the loan. § 86A.196.
Origination
7 Pa. Cons. Stat. § 6126(7); 73 Pa. Cons. Stat. § 201-7(a); 10 Pa. Code §§ 49.1 to 49.3 (Reverse Mortgages Statement of Policy)
Definition and Scope
P.R. Laws Ann. tit. 7, §§ 3061 to 3071 (Reverse Mortgage Consumer Protection Act); P.R. Laws. Ann. tit. 32, §§ 2881 to 2886
Definition and Scope
34 R.I. Gen. Laws §§ 34-23-5, 34-25.1-1 to 34-25.1-16
Definition and Scope
Reverse mortgages made after January 1, 1985. Applicable to mortgage entitled “Reverse mortgage to secure present and future loans under chapter 25.1 of title 34” and which includes the terms and provisions under § 34-25.1-2. § 34-25.1-6.
Origination
S.C. Code Ann. §§ 29-4-10 to 29-4-60 (Reverse Mortgage Act)
Definition and Scope
S.D. Codified Laws §§ 54-12-20 to 54-12-22; S.D. Admin. R. 67:46:05:15
Definition and Scope
Reverse mortgage is nonrecourse loan secured by real property that provides cash advances to a borrower based on the equity in a borrower’s owner occupied principal residence, and requires no payment of principal or interest until the entire loan becomes due and payable. § 54-12-20.
Origination
Tenn. Code Ann. §§ 47-30-101 to 47-30-118 (Home Equity Conversion Mortgage Act)
Definition and Scope
Tex. Const. art. 16, § 50; Tex. Prop. Code Ann. tit. 2, app., Title Examination Standard 16.30 (West) (Foreclosure of Home Equity Loans and Reverse Mortgages)
Definition and Scope