Title: Amends Rules Concerning Reverse Mortage When Property Becomes Uninhabitable
Signed by Governor Jared Polis
Title: Amends Rules Concerning Reverse Mortage When Property Becomes Uninhabitable
Vote to pass a bill that amends rules concerning reverse mortgage when property becomes uninhabitable.
Defines “Force Majeure” (Sec. 1).
Specifies that a temporary absences from a home dwelling will not result in the reverse Mortgage being due if the the following conditions are met (Sec. 2):
The borrower is actively repairing the home;
The borrower stays in touch with the lender;
The borrower complies with all other terms and conditions of the reverse mortgage;
The repairing of the home does not reduce the lender's security.
Specifies that this only applies to reverse mortgages after the effective date of this act (Sec. 3).
Title: Amends Rules Concerning Reverse Mortage When Property Becomes Uninhabitable
Vote to pass a bill that amends rules concerning reverse mortgage when property becomes uninhabitable.
Defines “Force Majeure” (Sec. 1).
Specifies that a temporary absences from a home dwelling will not result in the reverse Mortgage being due if the the following conditions are met (Sec. 2):
The borrower is actively repairing the home;
The borrower stays in touch with the lender;
The borrower complies with all other terms and conditions of the reverse mortgage;
The repairing of the home does not reduce the lender's security.
Specifies that this only applies to reverse mortgages after the effective date of this act (Sec. 3).
Title: Amends Rules Concerning Reverse Mortage When Property Becomes Uninhabitable