Rhode Island General Laws 34-25.1-15. Property held in name or trust
It is the intention of chapter 34-25.1 that the cash advances made under a reverse mortgage shall be made by the lender to the mortgagor. In the event that legal title to the property encumbered by a reverse mortgage is held in trust:
(1) The reverse mortgage proceeds may be received by the occupant of the property provided that the occupant is a beneficiary of the trust;
(2) References in subdivision 34-25.1-7(a)(5) to the mortgagor shall be deemed to refer to the occupant of the property provided that the occupant is a beneficiary of the trust;
(3) References in subdivision 34-25.1-7(s)(6) to absences from the home shall be deemed to refer to the occupant of the property provided that the occupant is a beneficiary of the trust.
History of Section.
P.L. 2008, ch. 19, § 2; P.L. 2008, ch. 21, § 2; P.L. 2011, ch. 363, § 15.
Terms Used In Rhode Island General Laws 34-25.1-15
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Mortgage: as used in this chapter , means a real estate mortgage deed or real estate mortgage instrument entitled, "Reverse mortgage to secure present and future loans under chapter 25. See Rhode Island General Laws 34-25.1-6
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: as used in this chapter , means and includes the mortgagor and mortgagors named in the "mortgage" and his, her, its or their heirs, executors, administrators, successors or assigns, as the case may be. See Rhode Island General Laws 34-25.1-6
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.