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Current as of January 01, 2022 | Updated by FindLaw Staff
§ 78. Exemption. Borrowers applying for reverse mortgage financing of residential real estate including under programs regulated by the Federal Housing Administration (FHA) that require HUD-approved counseling are exempt from the program and may submit a HUD counseling certificate to comply with the program. A certificate of exemption is required for recording.
Mortgages secured by non-owner occupied property, commercial property, residential property consisting of more than 4 units, and government property are exempt but require a certificate of exemption for recording.
Mortgages originated by an exempt person or entity are exempt but require a certificate of exemption for recording.
Cite this article: FindLaw.com - Illinois Statutes Chapter 765. Property § 77/78. Exemption - last updated January 01, 2022 | https://codes.findlaw.com/il/chapter-765-property/il-st-sect-765-77-78/
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