Section 443.906 - Reverse mortgage may be made regardless of certain other transactionsReverse 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.L. 1995 H.B. 63, et al. § 3