'Reverse mortgage' means a nonrecourse loan secured by real property which:(1) Provides cash advances to a borrower based on the equity 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 any lender authorized to engage in business as a bank, savings institution, or credit union under the laws of this state or any other lender, other than an industrial loan company, affiliated with a federally-insured depository institution in this state, and licensed as a financial institution pursuant to chapter thirty-one-a of this code.
West Virginia Legal Code