(1) Shall be likely to have to forfeit the title to the applicant's home;

(2) Shall be unable to keep payments on the applicant's home mortgage
current due to unforeseeable adverse personal or economic circumstances; and

(3) Reasonably may be expected to resume regular mortgage payments
within 24 months after the first mortgage assistance payment is provided.

(b) For emergency assistance loans made under § 2-602(4) of this subtitle:

(1) The Department shall consider the amount of equity in the property;

and

(2) The amount of the loan may not exceed an amount equal to 36
payments of principal and interest on the superior lien or liens and any:

(i) Late fees;

(ii) Taxes or insurance payments; or

(iii) Other fees and costs necessary to bring or keep the loan current.
DRAFTER'S NOTE:

Error: Obsolete cross-reference in Article 83B, § 2-606(a) and (b).

Occurred: As a result of Ch. 412, Acts of 1994. Correction by the
publisher of the Annotated Code in the 1998 Replacement Volume is
validated by this Act.

2-607.

For reverse equity loans made under § 2-602(5) of this subtitle, an applicant

shall:

(1) Be 62 years of age or older at the time the loan closes; and

(2) Need financial assistance, with housing related expenses or personal
expenses which enable the owner to continue to occupy the home.

DRAFTER'S NOTE:

Error: Obsolete cross-reference in Article 83B, § 2-607.

Occurred: As a result of Ch. 412, Acts of 1994. Correction by the
publisher of the Annotated Code in the 1998 Replacement Volume is
validated by this Act.

2-611.

(b) A loan may provide for:

(1) Immediate acceleration of the loan indebtedness if a borrower
violates § 2-614 of this subtitle, or if the loan is in default;