Effective - 28 Aug 1995
443.906. Reverse mortgage may be made regardless of certain other transactions. — Reverse mortgage loans may be made or acquired without regard to the following provisions for other types of mortgage transactions:
(1) Limitations on the purpose and use of future advances or any other mortgage proceeds;
(2) Limitations on future advances to a term of years, or limitations on the term of credit line advances;
(3) Limitations on the term during which future advances take priority over intervening advances;
(4) Requirements that a maximum mortgage amount be stated in the mortgage;
(5) Prohibitions on balloon payments;
(6) Prohibitions on compound interest;
(7) Interest rate limits under the usury statutes;
(8) Requirements that a percentage of the loan proceeds must be advanced prior to loan assignment.
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(L. 1995 H.B. 63, et al. § 3)