Reverse mortgage loans may be made or acquired without regard to the following provisions for other types of mortgage transactions: (1) limitations on the purpose and use of future advances or any other mortgage proceeds; (2) limitations on future advances to a term of years, or limitations on the term of credit line advances; (3) limitations on the term during which future advances take priority over intervening advances; (4) requirements that a maximum mortgage amount be stated in the mortgage; (5) limitations on loan-to-value ratios; (6) prohibitions on balloon payments; (7) prohibitions on compounded interest and interest on interest; (8) interest rate limits under the usury statutes; and (9) requirements that a percentage of the loan proceeds must be advanced prior to loan assignment. HISTORY: 1994 Act No. 376, Section 1.
South Carolina Legal Code