Skip to main content

Search

Home Foreclosures: IOWA

Iowa Code § 16.53; Iowa Code §§ 528.1 to 528.9 (Alternative and Reverse Annuity Mortgage Loan Act); Iowa Code § 535A.1

Definition and Scope

Home Foreclosures: KANSAS

Kan. Stat. Ann. § 58-2336 (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.

Home Foreclosures: KENTUCKY

Ky. Rev. Stat. Ann. § 286.8-010(28) (West)

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.

Home Foreclosures: MAINE

Me. Stat. tit. 9-a, § 1-202(8); Me. Stat. tit. 14, § 6321-A; Me. Stat. tit. 30-A, § 4942

Definition and Scope

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

Home Foreclosures: MASSACHUSETTS

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

Home Foreclosures: MISSISSIPPI

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.

Home Foreclosures: MONTANA

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

Home Foreclosures: NEVADA

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.

Home Foreclosures: NEW HAMPSHIRE

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.

Home Foreclosures: NEW JERSEY

N.J. Stat. Ann. §§ 46:10B-16 to 46:10B-21 (West) (Senior Citizen Homeowner’s Income Security Act)

Definition and Scope

Home Foreclosures: NEW MEXICO

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.

Home Foreclosures: NEW YORK

N.Y. Real Prop. Law §§ 280, 280-a, 281 (McKinney); N.Y. Soc. Serv. Law § 131-x (McKinney)

Definition and Scope

Home Foreclosures: NORTH DAKOTA

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.

Home Foreclosures: OHIO

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.

Home Foreclosures: OREGON

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

Home Foreclosures: PENNSYLVANIA

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

Home Foreclosures: PUERTO RICO

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