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Mo. Rev. Stat. § 443.906

Reverse mortgage may be made regardless of certain other transactions

Known as the Missouri Secure and Fair Enforcement for Mortgage Licensing Act

The act spans §§ 443–443 (128 sections).

Effective: 28 Aug 1995; (L. 1995 H.B. 63, et al. § 3)

Reverse mortgage loans may be made or acquired without regard to the following provisions for other types of mortgage transactions:

(1) Limitations on the purpose and use of future advances or any other mortgage proceeds;

(2) Limitations on future advances to a term of years, or limitations on the term of credit line advances;

(3) Limitations on the term during which future advances take priority over intervening advances;

(4) Requirements that a maximum mortgage amount be stated in the mortgage;

(5) Prohibitions on balloon payments;

(6) Prohibitions on compound interest;

(7) Interest rate limits under the usury statutes;

(8) Requirements that a percentage of the loan proceeds must be advanced prior to loan assignment.

Official source: Missouri Revisor of Statutes. Reproduced from public-domain Missouri statutes; confirm against the official source for the current text. Not legal advice.