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Current as of January 01, 2024 | Updated by Findlaw Staff
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.
Cite this article: FindLaw.com - Rhode Island General Laws Title 34. Property § 34-25.1-15. Property held in name or trust - last updated January 01, 2024 | https://codes.findlaw.com/ri/title-34-property/ri-gen-laws-sect-34-25-1-15/
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