S.C. Code § 29-4-20

Current through 2024 Act No. 225.

Section 29-4-20 - Reverse Mortgage defined

As used in this chapter "reverse mortgage" means a nonrecourse loan secured by real property which:

(1) provides cash advances to a borrower based on the equity or future appreciation in value in a borrower's owner-occupied principal residence;

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

(3) is made by a lender authorized to engage in business as a bank, savings institution, or credit union under the laws of the United States or of South Carolina, or a mortgage lender licensed pursuant to Chapter 22, Title 37.

S.C. Code § 29-4-20

Amended by 2009 S.C. Acts, Act No. 67 (SB 673), s 4, eff. 1/1/2010.

1994 Act No. 376, Section 1.