2017 Rhode Island General Laws
Title 34 - Property
Chapter 34-25.1 - Reverse Mortgages
Section 34-25.1-15 - Property held in name or trust.
§ 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.)
