§ 54-12-20 Reverse mortgage defined
§ 54-12-21 Rules for reverse mortgage loans
§ 54-12-22 Reverse mortgage loan payment–Undisbursed reverse mortgage funds

Terms Used In South Dakota Codified Laws > Title 54 > Chapter 12 - Reverse Mortgage Loans

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.