§ 34-25.1-15 - Property held in name or trust.
SECTION 34-25.1-15
§ 34-25.1-15 Property held in name ortrust. – (a) It is the intention of chapter 34-25.1 that the cash advances made under areverse mortgage shall be made by the lender to the mortgagor. In the eventthat legal title to the property encumbered by a reverse mortgage is held intrust:
(1) The reverse mortgage proceeds may be received by theoccupant of the property provided that the occupant is a beneficiary of thetrust;
(2) References in subdivision 34-25.1-7(a)(5) to themortgagor shall be deemed to refer to the occupant of the property providedthat the occupant is a beneficiary of the trust;
(3) References in subdivision 34-25.1-7(s)(6) to absencesfrom the home shall be deemed to refer to the occupant of the property providedthat the occupant is a beneficiary of the trust.