{"data":{"id":"us-ok/okla.-stat.-tit.-58-58-385","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 58, § 58-385","heading":"Authority to renew or extend mortgage or execute new","body":"mortgage.\n\nA. 1. The district court may, upon verified petition supported\n\nby sufficient evidence showing that the best interest of the owners\n\nof the real estate affected requires it, by order, grant authority\n\nto the administrators or executors of the estate of deceased persons\n\nor to the guardians of the estates of minors or incapacitated\n\npersons, to enter into contracts for and to renew or extend the time\n\nof payment of any mortgage, lien, or obligation which may by\n\noperation of law become a lien upon the real estate of the estate or\n\nward, including homestead, or to execute a new mortgage for the\n\npurpose of paying off and securing the release of any such mortgage,\n\nlien, or obligation which may by operation of law become a lien;\n\nprovided, in no case shall such authority be granted to mortgage, or\n\ncontract for the renewal or extension of any mortgage, for an amount\n\ngreater than may be necessary to pay an obligation which may by\n\noperation of law become a lien, or liens existing at the time an\n\norder is granted including principal, interest, taxes, and\n\nreasonable expenses as may be incident to perfecting the renewal,\n\nextension, or new mortgage.\n\n2. The court, in its discretion, may grant authority to include\n\nin a renewal or new mortgage an amount sufficient to pay for\n\nnecessary repairs on real estate when repairs are necessary for the\n\npreservation of the property.\n\nB. 1. The district court may, upon verified petition supported\n\nby sufficient evidence showing that the best interest of the\n\naffected owners of the real estate requires it, by order, grant\n\nauthority to the guardians of the estates of incapacitated persons\n\nto execute a new mortgage known as a home equity conversion mortgage\n\nor rising debt loan for the purpose of meeting the requirements for\n\nthe health and safety of the ward, obtaining necessary services to\n\nmeet those requirements, and protecting the rights of the ward so as\n\nto maintain the ward in his or her residence; provided, in no case\n\nshall authority be granted to mortgage or contract for the renewal\n\nor extension of any mortgage for an amount greater than two-thirds\n\n(2/3) of the appraised value of the real property of the ward.\n\n2. The court, in its discretion, may grant authority to include\n\nin a renewal or new mortgage an amount sufficient to pay for\n\nnecessary repairs on real estate when repairs are necessary for the\n\npreservation of the property.","path":["OK Code","Title 58"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os58.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"ae3db090f1157d82ffdc9098fb3154bdc63f0c97325a0715d8cc6b603a0ae94d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-58-58-384","next":"us-ok/okla.-stat.-tit.-58-58-385.1"},"notice":"GroundRules: Original legal text. Not legal advice."}