§ 11-38-101 — Legislative declaration

Colorado § 11-38-101

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Reverse Mortgages

Text

(1) The general assembly hereby finds
that Colorado's elderly homeowners should have the opportunity and be permitted
to meet their financial needs by accessing the equity in their homes through a
reverse mortgage loan transaction.

(2) The general assembly further finds that many restrictions and
requirements that exist to govern traditional mortgage loan transactions in
Colorado are inapplicable in the context of reverse mortgages and that state law
should be clarified to ensure that inapplicability.

(3) The general assembly therefore declares that, in order to foster reverse
mortgage transactions and better serve the elderly citizens of this state, it is
necessary to enact this article authorizing the making of reverse mortgages and
expressly relieving reverse mortgage lenders and borrowers from compliance with
inappropriate statutory requirements.

Legislative History

Source: L. 92: Entire article added, p. 939, � 1, effective April 23.