Arkansas Statutes
§ 23-54-103 — Definitions
Arkansas·Title 23
As used in this chapter, "reverse mortgage" means a nonrecourse loan secured by a borrower's principal residence that:
(1)Provides cash advances to a borrower based upon the amount of equity in the borrower's residence; and (2) Requires no payment of principal or interest until the entire loan becomes due and payable.
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Legislative History
Acts 2005, No. 2166, § 1.
Nearby Sections
15
§ 23-1-101
Definitions§ 23-1-103
Compliance with Acts 1935, No. 324, and rules of commission required - Penalties for noncompliance§ 23-1-106
Penalties cumulative - Recovery of penalty not bar to further penalty or criminal prosecution§ 23-1-108
Jurisdiction and venue of actions§ 23-1-110
Actions tried without jury - Exceptions§ 23-1-111
Copies of official papers as evidence§ 23-1-115
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