Missouri Revised Statutes

Chapter 443
Mortgages, Deeds of Trust and Mortgage Brokers
Section 443.906

August 28, 2014

Reverse mortgage may be made regardless of certain other transactions.

443.906. 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.

(L. 1995 H.B. 63, et al. ยง 3)

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