Rhode Island General Laws 34-25.1-1. Reverse mortgages
Whenever a mortgage deed in statutory form or other form mortgaging real property is clearly entitled at the beginning thereof, reverse mortgage to secure present and future loans under chapter 25 of this title and in all other respects complies with the requirements of § 34-25.1-2, the mortgage deed shall be security from the time of its recording in the records for recording real estate mortgages in the city or town in which the real property mortgaged therein is located for all mortgage debt secured thereby at the time of recording and for all future advances secured thereby in an aggregate principal amount outstanding at any time not to exceed the stated amount of such mortgage deed, whether or not the future advances are agreed to be made at the time of recording such mortgage deed and whether or not the mortgages readvances principal sums repaid. The mortgage shall also be security for interest, taxes, insurance premiums, and such other obligations as are undertaken by the mortgagor in the mortgage deed or in the note or notes secured thereby, notwithstanding that interest, taxes, insurance premiums, and other obligations, when added to the total principal amount outstanding, at any time may cause the amount secured by the mortgage deed to exceed the stated maximum amount.
History of Section.
P.L. 1986, ch. 475, § 1.
Terms Used In Rhode Island General Laws 34-25.1-1
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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.
- real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9