8.111.406    REPAYMENT OF THE LOAN

(1) Repayment of the reverse annuity mortgage loan is not required so long as the borrower, or the last surviving borrower, has not permanently vacated the secured property and no event of default has occurred as provided in the loan documents.

(2) The borrower may pay the outstanding loan balance in full at any time without penalty.

(3) The board may include in the reverse annuity mortgage loan documents such terms, conditions, and requirements as are usual and customary in similar loan transactions and which are designed to protect the value of the property securing the loan or to assure repayment of the loan.

(4) The loan becomes due and payable and any remaining advances terminate upon the occurrence of any of the following events:

(a) the death of the last surviving borrower;

(b) sale or transfer of the property to anyone other than an original borrower;

(c) permanent vacation of the secured property by the borrower; or

(d) any other act or occurrence which constitutes an event of default under the mortgage instrument securing the loan.

History: 90-6-507, MCA; IMP, 90-6-506, MCA; NEW, 1990 MAR p. 1783, Eff. 9/14/90; AMD, 2017 MAR p. 783, Eff. 6/10/17.