Ark. Code § 23-54-103

Current with legislation from 2024 Fiscal and Special Sessions.

Section 23-54-103 - Definitions

As used in this chapter, "reverse mortgage" means a nonrecourse loan secured by a borrower's principal residence that:

(1) Provides cash advances to a borrower based upon the amount of equity in the borrower's residence; and

(2) Requires no payment of principal or interest until the entire loan becomes due and payable.

Ark. Code § 23-54-103

Acts 2005, No. 2166, § 1.