Reverse mortgage loans may be made or acquired without regard to the following statutory provisions or relevant interpretation of law: (a) Limitations on the purpose and use of future advances or any other mortgage proceeds; (b) Limitations on future advances to a term of years, or limitations on the term of credit line advances; (c) Limitations on the term during which future advances take priority over intervening advances; (d) Requirements that a maximum mortgage amount be stated in the mortgage; (e) Limitations on loan-to-value ratios; (f) Prohibitions on balloon payments; (g) Prohibitions on compounded interest and interest on interest; (h) Interest rate limits under the usugry statutes; (i) Requirements that a percentage of the loan proceeds must be advanced prior to loan assignment; and (j) Limitations on ongoing administrative and servicing fees.
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