Colorado Statutes
§ 11-38-105 — Interest - periodic advances
(1)A reverse mortgage may provide
for an interest rate which is fixed or adjustable and may also provide for interest
that is contingent on the appreciation in the value of the home securing such
reverse mortgage.
(2)If a reverse mortgage provides for periodic advances to a borrower, such
advances shall not be reduced in amount or number based on any adjustment in the
interest rate on such reverse mortgage.
(3)The interest rate contracted for in any reverse mortgage shall not exceed
the loan finance charge rates provided by section 5-2-201, C.R.S., although the
effective rate may exceed those rates. Such interest rate shall be calculated on the
assumption that the reverse mortgage will be repaid according to the agreed terms
and will not be repaid before the end of the agreed
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Legislative History
Source: L. 92: Entire article added, p. 940, � 1, effective April 23. L. 2000: (3)
amended, p. 1872, � 106, effective August 2.
Nearby Sections
15
§ 11-10.5-101
Short title§ 11-10.5-102
Legislative declaration§ 11-10.5-103
Definitions§ 11-10.5-104
Applicability of article§ 11-10.5-105
Authority of banking board§ 11-10.5-107
Eligible collateral - uninsured public deposits§ 11-10.5-109
Verification of collateral held - reports required§ 11-10.5-110
Procedures when event of default occurs§ 11-10.5-112
Annual fees and assessments§ 11-101-101
Short title§ 11-101-102
Declaration of policy§ 11-101-201
Effect on existing banks§ 11-101-301
Application of code§ 11-101-302
No private right of action