National Consumer Credit Protection Act 2009
Note:
See section 3 of the National Credit Act.
PART 5 - ENDING AND ENFORCING CREDIT CONTRACTS, MORTGAGES AND GUARANTEES Division 1 - Ending of credit contract by debtor etc.
View history note
Hide history noteThis Subdivision applies in relation to a credit contract for a reverse mortgage and a mortgage securing the debtor ' s obligations under the contract if:
(a) the debtor ' s accrued liability (whether or not due and payable) under the contract is more than the amount (the adjusted market value ) worked out under subsection (2) for the reverse mortgaged property; and
(b) the credit provider receives an amount at least equal to the adjusted market value for the reverse mortgaged property either:
(i) as a payment accepted from the debtor under the credit contract; or
(ii) as proceeds of the sale by the credit provider of the reverse mortgaged property.
86A(2)
The adjusted market value for the reverse mortgaged property is the amount worked out by:
(a) working out the market value of the property in accordance with the regulations (if any); and
(b) adjusting that value in accordance with the regulations (if any).
Regulations for the purposes of paragraph (b) may prescribe different adjustments to be made in different circumstances.
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