C-73.2, r. 1 - Regulation respecting brokerage requirements, professional conduct of brokers and advertising

Section 60 Disposition versions

2023-03-23

60. (Revoked).

O.C. 299-2010, s. 60; O.C. 173-2023, s. 31.

2012-09-01

60. A loan secured by reverse immovable hypothec is a loan secured by immovable hypothec that satisfies both of the following conditions:

(1)  the money advanced does not have to be repaid until the occurrence of one or more of the following events:

(a)  the borrower’s death or, if there is more than one borrower, the death of the last surviving borrower;

(b)  the acquisition by the borrower or the last surviving borrower, as the case may be, of another immovable to use as his or her principal residence;

(c)  the sale of the immovable charged with the hypothec;

(d)  the borrower’s or last surviving borrower’s vacating the immovable charged with the hypothec to live elsewhere with no reasonable prospect of returning;

(e)  payment default; and

(2)  one or more of the following conditions applies while the borrower or last surviving borrower, as the case may be, continues to occupy the immovable charged with the hypothec as his or her principal residence and otherwise complies with the terms of the loan:

(a)  no repayments of the principal or interest are due or capable of becoming due;

(b)  although interest payments may become due, no repayment of all or part of the principal is due or capable of becoming due;

(c)  although interest payments and repayment of part of the principal may become due, repayment of all of the principal is not due or capable of becoming due.

O.C. 299-2010, s. 60.