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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

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.