South Carolina Code 29-4-20. Reverse Mortgage defined
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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;
Terms Used In South Carolina Code 29-4-20
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(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 of Title 37.