Maryland Code, Housing and Community Development § 4-815

(1) the principal amount, subject to subsection (f) of this section;

(2) the term of the loan, not to exceed 40 years except in the case of a reverse equity loan made under subsection (b)(3) of this section;

(3) the interest rate, which may be adjustable under subsection (g) of this section;

(4) the principal repayment terms, subject to subsections (b) and (c) of this section; and

(5) other terms that the Department considers necessary to achieve the purposes of the Program.

(b)(1) A loan may provide for immediate acceleration if the borrower violates § 4-816 of this subtitle or if the loan is in default.

(2) In the case of a preferred interest rate loan under § 4-804(1) of this subtitle, a loan may provide for full acceleration of principal after 5 years if the borrower:

(3) In the case of a reverse equity loan made under § 4-804(5) of this subtitle, a loan may provide for:

(4) In the case of an emergency assistance loan under § 4-804(4) of this subtitle, a loan may provide for full or partial deferral of payment of interest and principal until a stated date when the Department reasonably anticipates that the borrower will be able to make full or partial payments.

(1) foreclose the mortgage and take title to the foreclosed property or convey title to a buyer; and

(2) obtain a deficiency judgment.

(d)(1) Repayment of a loan shall be secured by a recorded lien on the real property.

(2) The lien may be a subordinate lien.

(3) A lien securing an emergency assistance loan may be released if the release is in the interest of the Department.

(f)(1) For a preferred interest loan under § 4-804(1) of this subtitle, the amount of the loan and any prior recorded liens outstanding may not exceed the value of the secured property, as determined by the Department when the loan is closed, plus settlement expenses.

(2) For a reverse equity loan under § 4-804(5) of this subtitle, the principal amount of the loan and any prior liens outstanding may not exceed the value of the secured property as determined by the Department from time to time.

(3) For a short-term loan under § 4-804(2) of this subtitle, the amount of the loan may not exceed the total commitments for permanent financing for buyers, including any commitments of federal, State, or local money to subsidize the cost of the dwelling units.

(4) For a preferred interest rate loan under § 4-804(6) of this subtitle, the Department may set the maximum amount of the loan, including the maximum amount that may be used for the transactional costs associated with the redemption.

(1) follow written notice to the borrower; and

(2) be based on an increase or decrease in household income.

(1) the transfer of the mortgaged property or an interest in the property without monetary consideration:

(2) assumption of the mortgage by a transferee described in item (1)(i) of this subsection for monetary consideration and by any other transferee with or without consideration if the transferee qualifies as a household of limited income and satisfies all other Program requirements.