§ 34-25.1-11 - Annual account statements and other required disclosures.
SECTION 34-25.1-11
§ 34-25.1-11 Annual account statements andother required disclosures. – (a) At the closing of the reverse mortgage loan, the mortgagee shall provide tothe mortgagor(s) contact information for the mortgagee's (or its assignee's orservicing agent's, as the case may be) employee(s) or agent(s) who have beendesignated specifically to respond to inquires concerning reverse mortgageloans. This information shall be provided by the mortgagee (or its assignee orservicing agent, as the case may be) to mortgagor(s) at least annually, andwhenever this contact information concerning the designated employee(s) oragent(s) changes.
(b) On an annual basis and when the loan becomes due, themortgagee shall issue to the mortgagor, without charge, a statement of accountregarding the activity of the mortgage for the preceding calendar year, or forthe period since the last statement of account was provided. The statementshall include all of the following information for the preceding year:
(1) The outstanding balance of the loan at the beginning ofthe statement period;
(2) Disbursements to the mortgagor;
(3) The total amount of interest added to the outstandingbalance of the loan;
(4) Any property taxes, hazard insurance premiums, mortgageinsurance premiums, or assessments paid by the mortgagee;
(5) Payments made to the mortgagee;
(6) The total mortgage balance owed to date;
(7) The remaining amount available to the mortgagor inreverse mortgage loans wherein proceeds have been reserved to be disbursed inone or more lump sum amounts; and
(8) All other information as shall be required to bedisclosed by the director of the department of business regulation.