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Home Foreclosures: RHODE ISLAND

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

Home Foreclosures: SOUTH DAKOTA

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

Home Foreclosures: TEXAS

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

Home Foreclosures: UTAH

Utah Code Ann. §§ 57-28-101 to 57-28-305 (West) (Reverse Mortgage Act)

Definition and Scope

Home Foreclosures: VERMONT

Vt. Stat. Ann. tit. 8, §§ 10701 to 10704; Vt. Stat. Ann. tit. 12, §§ 4631 to 4637

Definition and Scope

Home Foreclosures: VIRGIN ISLANDS

V.I. Code Ann. tit. 28, § 1032 (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: VIRGINIA

Va. Code Ann. § 6.2-881

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.

Cooling Off Period: No applicable law.

Home Foreclosures: WEST VIRGINIA

W. Va. Code §§ 47-24-1 to 47-24-8 (Reverse Mortgage Enabling Act)

Definition and Scope

Reverse mortgage is a nonrecourse loan secured by real property which 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. § 47-24-3.

Origination

Home Foreclosures: WYOMING

Wyo. Stat. Ann. § 42-2-405

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.

Cooling Off Period: No applicable law.

Home Foreclosures: Introduction

Every state has enacted special property tax abatement schemes or exemptions which relieve at least some taxpayers of a portion of their property tax liability by virtue of age, disability, income level, or personal status. All states have approved tax relief for older homeowners, and some states extend this relief to older renters as well. The abatements provided by these programs can be significant, and should be thoroughly explored for every homeowner. Their benefits are not automatic, however.

Home Foreclosures: Alabama

Ala. Code §§ 40-9-1 to 40-9-39

Elder and Disabled Exemption: The principal residence, plus up to 160 acres adjacent thereto, of any resident who is retired due to permanent and total disability or who is sixty-five or older, provided net income of person claiming exemption and that of spouse is $12,000 or less, is exempt from local property taxes. § 40-9-21.

Home Foreclosures: Alaska

Alaska Stat. §§ 29.45.030, 29.45.040, 09.38.010

Elder and Disabled Veterans Exemption: The principal residence of a resident sixty-five or older, a disabled person, or a resident at least sixty years old who is the widow or widower of either is exempt from local property taxes on the first $150,000 of the assessed value of the real property. § 29.45.030(e). By ordinance approved by the voters, a municipality may exempt from taxation the assessed value of such property exceeding $150,000. § 29.45.050(i).

Home Foreclosures: Arizona

Ariz. Rev. Stat. Ann. §§ 42-11111, 42-17301 to 42-17313, 43-1072

Elder: Residents who are at least sixty-five, have a sufficiently low-income, and paid property taxes or rent, are entitled to an income tax credit. § 43-1072. Property tax deferral is available for residents who are at least seventy, are low-income, own no other real property, meet certain residency requirements, and whose home is valued at not more than $150,000. §§ 42-17301 to 42-17313.

Home Foreclosures: California

Cal. Const. art. XIII, § 3(k); Cal. Rev. & Tax. Code §§ 205.1, 205.5, 218, 20501 to 20564, 20581 to 20622 (West)

Homestead: $7000 of the full value of a resident’s principal residence is exempt from taxation. Cal. Const. art. XIII, § 3(k); Cal. Rev. & Tax. Code § 218.

Home Foreclosures: Delaware

Del. Code Ann. tit. 9, §§ 8131 to 8141, 8363

Elder: Elder (sixty-five and over) homeowners with income of not more than $3000 per year are entitled to an exemption from taxation of $5000 of assessed value. (Note: statute states it does not apply to property taxes levied by a municipality.) This exemption also provides relief from mobile home taxes.

Home Foreclosures: District of Columbia

D.C. Code §§ 47-849 to 47-850.04, 47-863

General: For single family residential property and property with not more than five dwelling units, which includes the principal dwelling place of the owner, $64,000 (increased annually based on cost-of-living adjustments) ($67,500 as of October 1, 2012) is deducted from the estimated market value in calculating tax. § 47-850(a).

Home Foreclosures: Florida

Fla. Stat. §§ 196.001 to 196.32

Homesteads: Homesteads exempted from all taxation up to a certain amount in assessed value. § 196.031(1)(a). Additional exemption available under § 196.031(1)(b), (7). Residents eligible for homestead exemptions may also be eligible to defer property taxes on their residence. §§ 197.2421 to 197.252.

Elder: Amount of assessed value eligible for homestead exemption expanded for residents sixty-five or older. §§ 196.031, 196.075.

Home Foreclosures: Georgia

Ga. Code Ann. §§ 48-5-40 to 48-5-56

Homestead: Homestead exemption allowed up to $2000 in assessed value. § 48-5-44.

Elder: There are a number of provisions for homestead exemptions for elders (§§ 48-5-47, 48-5-47.1, 48-5-48.3 (effective Jan. 1, 2007), 48-5-52), as well as deferrals. §§ 48-5-72, 48-5-72.1.

Disabled: Homestead exemptions for qualified disabled veterans and the unremarried surviving spouse or minor children of disabled veterans. § 48-5-48.