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.
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