§ 29-4-20

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. HISTORY: 1994 Act No. 376, Section 1; 2009 Act No. 67, Section 4.I, eff January 1, 2010.