South Carolina § 29-4-20 Reverse Mortgage defined.

South Carolina Statutes

§ 29-4-20 — Reverse Mortgage defined.

South Carolina § 29-4-20

Title 29MORTGAGES AND OTHER LIENS

Ch. 4REVERSE MORTGAGES

This text of South Carolina § 29-4-20 (Reverse Mortgage defined.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 29-4-20 (2026).

Text

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;

(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, Title 37.

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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; (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, Title 37.

Legislative History

HISTORY: 1994 Act No. 376, SECTION 1; 2009 Act No. 67, SECTION 4.I, eff January 1, 2010. Effect of Amendment The 2009 amendment, in item (1), added "or future appreciation in value"; and, in item (3), substituted "a mortgage lender licensed pursuant to Chapter 22, Title 37" for "authorized seller-servicers selling mortgage loans to the Federal National Mortgage Association or to the Federal Home Loan Mortgage Corporation,".