Section 34-25.1-2 - Form of reverse mortgageIn order to be entitled to the benefits of this chapter, a mortgage deed shall comply with the following provisions:
(1) The mortgage deed shall contain specific provisions permitting future advances;(2) At no time shall the unpaid principal balance of indebtedness outstanding under the mortgage deed exceed the stated amount thereof;(3) All future advances shall be evidenced by a note or notes signed by the obligor whose indebtedness is secured by the mortgage deed;(4) The original mortgage deed shall be executed and recorded on or after January 1, 1985; and(5) The mortgage shall provide an address at which mortgagee will accept written notices pursuant to §§ 34-25.1-3(b) and 34-25.1-4.R.I. Gen. Laws § 34-25.1-2