Reverse mortgage loans may be made or acquired without regard to the following statutory provisions or relevant interpretation of law: (a) Limitations on the purpose and use of future advances or any other mortgage proceeds;(b) Limitations on future advances to a term of years, or limitations on the term of credit line advances;(c) Limitations on the term during which future advances take priority over intervening advances;(d) Requirements that a maximum mortgage amount be stated in the mortgage;(e) Limitations on loan-to-value ratios;(f) Prohibitions on balloon payments;(g) Prohibitions on compounded interest and interest on interest;(h) Interest rate limits under the usury statutes; (i) Requirements that a percentage of the loan proceeds must be advanced prior to loan assignment; and(j) Limitations on ongoing administrative and servicing fees.
West Virginia Legal Code