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Home Foreclosures: DISTRICT OF COLUMBIA

D.C. Code §§ 26-1151.01(7), 42-815.02

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: FLORIDA

Fla. Stat. §§ 420.101, 420.102, 697.04

Definition and Scope

Housing Development Corporations established under Florida law are authorized to make, service, and manage home equity conversion mortgages, defined as a reverse mortgage loan made to an elderly homeowner which is secured by a lien on real property. §§ 420.101, 420.102.

Origination

Authorized Lenders: No applicable law.

Home Foreclosures: GEORGIA

Ga. Code Ann. § 50-26-17

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: HAWAII

Haw. Rev. Stat. §§ 506-10, 454M-5.5; Haw. Code R. § 17-1725.1-59 (LexisNexis)

Definition and Scope

Home Foreclosures: IDAHO

Idaho Code §§ 45-1506C, 45-108 (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: ILLINOIS

765 Ill. Comp. Stat. § 77/78; 765 Ill. Comp. Stat. §§ 945/1 to 945/40 (Reverse Mortgage Act); 815 Ill. Comp. Stat. § 137/65

Definition and Scope

Home Foreclosures: INDIANA

Ind. Code §§ 24-4.4-1-201, 24-4.4-1-301, 24-4.4-2-201, 24-4.4-2-401, 24-4.4-2-502, 24-4.4-2-503, 28-15-11-9, 32-30-10.5-10; 405 Ind. Admin Code 2-3-14

Definition and Scope

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