§34-25.1-5  Discharge of reverse mortgage. –

Published: 2015

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CHAPTER 34-25.1

Reverse Mortgages

SECTION 34-25.1-5

   § 34-25.1-5  Discharge of reverse mortgage.


(a) Notwithstanding the provisions of § 34-26-2, no mortgagee under an

open-end mortgage subject to this chapter shall be obligated to discharge such

mortgage until such mortgagee receives full satisfaction for the money due

thereon and such written agreements as the mortgagee shall reasonably request

releasing such mortgagee from any further obligation to make future advances

under any and all notes and agreements theretofore secured by such mortgage


   (b) Notwithstanding the provisions of any agreement by and

between the mortgagee and the mortgagor or any other person, the mortgagee

under any such mortgage shall have the option to discharge any such mortgage if

there has existed no outstanding indebtedness thereunder for a continuous

period of not less than two (2) years, and effective upon the recording of such

discharge, such mortgagee shall be released and discharged from any further

obligation to make any loans or advances under any notes or agreements executed

in connection with such mortgage.

History of Section.

(P.L. 1986, ch. 475, § 1.)