West Virginia Statutes
§ 47-24-2 — Statement of purpose
It is the intent of this legislation that elderly homeowners be permitted to meet their financial needs by accessing the equity in their homes through a reverse mortgage.
The Legislature recognizes that many restrictions and requirements that exist to govern traditional mortgage transactions are inapplicable in the context of reverse mortgages.
In order to foster reverse mortgage transactions and better serve the elderly citizens of this state, the Legislature authorizes the making of reverse mortgages, and expressly relieves reverse mortgage lenders and borrowers from compliance with inappropriate requirements.
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West Virginia § 47-24-2 (Statement of purpose) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
1996 Reg. Sess., HB4855
Nearby Sections
15
§ 47-1-1
Definitions§ 47-1-10
Requirements for type evaluation§ 47-1-11
Requirements for motor fuel§ 47-1-12
Misrepresentation of quantity§ 47-1-13
Misrepresentation of pricing§ 47-1-14
Method of sale§ 47-1-15
Sale from bulk§ 47-1-16
Information required on packages§ 47-1-18
Advertising packages for sale§ 47-1-19
State weights and measures division§ 47-1-2
State standards§ 47-1-20
State measurement laboratory§ 47-1-21
Registration of business§ 47-1-22
Civil penalties