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.Acts 2005, No. 2166, § 1.