§ 34-25.1-2 - Form of reverse mortgage.
SECTION 34-25.1-2
§ 34-25.1-2 Form of reverse mortgage.– In order to be entitled to the benefits of this chapter, a mortgage deed shallcomply with the following provisions:
(1) The mortgage deed shall contain specific provisionspermitting future advances;
(2) At no time shall the unpaid principal balance ofindebtedness outstanding under the mortgage deed exceed the stated amountthereof;
(3) All future advances shall be evidenced by a note or notessigned by the obligor whose indebtedness is secured by the mortgage deed;
(4) The original mortgage deed shall be executed and recordedon or after January 1, 1985; and
(5) The mortgage shall provide an address at which mortgageewill accept written notices pursuant to §§ 34-25.1-3(b) and 34-25.1-4.