The Reverse Mortgage Deed of Trust is a specialized security instrument used in Canadian residential lending, designed to facilitate reverse mortgage transactions for older homeowners. This document is essential when homeowners wish to access their home equity while continuing to live in their property, without the obligation to make regular mortgage payments. The deed establishes the lender's security interest in the property while protecting the borrower's rights to occupy the home. It must comply with both federal regulations and provincial property laws, including specific requirements for reverse mortgages under Canadian banking legislation. The document details crucial aspects such as loan terms, property obligations, default conditions, and maturity triggers, while incorporating consumer protection measures specific to reverse mortgage products in Canada.
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1. Parties: Identification of the borrower (trustor), lender (beneficiary), and trustee
2. Background: Context of the agreement, including property details and purpose of the reverse mortgage
3. Definitions: Key terms used throughout the document, including specific reverse mortgage terminology
4. Grant of Property: Legal description of the property and conveyance to the trustee
5. Loan Terms: Details of the reverse mortgage loan, including principal limit, interest rate, and disbursement plan
6. Security Interest: Creation and nature of the security interest in the property
7. Borrower Covenants: Obligations of the borrower including property maintenance, insurance, and taxes
8. Occupancy Requirements: Conditions requiring the property to remain the primary residence of the borrower
9. Payment Terms: Explanation that no regular payments are required and how interest accumulates
10. Maturity Events: Circumstances that trigger loan maturity, including death, sale, or moving out
11. Default Provisions: Events constituting default and lender's remedies
12. Property Insurance and Taxes: Requirements for maintaining insurance and paying property taxes
13. Assignment and Transfer: Conditions under which the loan or property may be transferred
14. Notices: How and where formal notices must be delivered
15. Governing Law: Applicable law and jurisdiction
16. Execution: Signature blocks and attestation requirements
1. Line of Credit Provisions: Required when the reverse mortgage includes a line of credit option
2. Repair Rider: Used when property repairs are required as a condition of the loan
3. Power of Attorney: Included when a power of attorney is involved in the transaction
4. Condominium Rider: Required when the property is a condominium unit
5. Non-Borrowing Spouse Rider: Used when there is a spouse who is not a borrower on the loan
6. Planned Unit Development Rider: Required for properties in planned unit developments
7. Second Home Rider: Used when the property is classified as a second home under applicable regulations
1. Schedule A - Legal Description: Detailed legal description of the mortgaged property
2. Schedule B - Initial Loan Terms: Specific details of loan amount, interest rate, and payment terms
3. Schedule C - Required Repairs: List of repairs required as a condition of the loan, if applicable
4. Schedule D - Payment Plan: Details of how and when loan proceeds will be disbursed
5. Schedule E - Fee Schedule: Breakdown of all fees associated with the reverse mortgage
6. Appendix 1 - Borrower's Certificate: Borrower's acknowledgments and certifications
7. Appendix 2 - Loan Documents: List of all documents comprising the loan agreement
8. Appendix 3 - Insurance Requirements: Detailed specifications for required insurance coverage
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