Sch 1 (National Credit Code), s 67A
In forceChanges to tenancy protection in credit contracts for reverse mortgages
Volume 1Chapters 1 to 6 (sections 1 to 322)
Chapter 6Compliance and enforcement
Part 6-2Examination of persons
Division 2Examination of persons
67A Changes to tenancy protection in credit contracts for reverse mortgages
A purported change to a credit contract for a reverse mortgage that makes provision for a person other than the debtor to occupy the reverse mortgaged property is void so far as the change purports to:
(a)
remove a provision required by subsection 17(15A) to be contained in the contract document; or
(b)
vary the contract so as to limit:
(i)
the ability of the debtor to nominate to the credit provider a person who is to be allowed to occupy the reverse mortgaged property (whether alone or with other persons); or
(ii)
the rights of a person nominated by the debtor to the credit provider to occupy the property.
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