West Virginia § 47-24-3 Definition

West Virginia Statutes

§ 47-24-3 — Definition

West Virginia·Ch. 47 REGULATION OF TRADE·Art. 24 THE REVERSE MORTGAGE ENABLING ACT

"Reverse mortgage" means a nonrecourse loan secured by real property which:

(1)Provides cash advances to a borrower based on the equity 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 any lender authorized to engage in business as a bank, savings institution, or credit union under the laws of this state or any other lender, other than an industrial loan company, affiliated with a federally-insured depository institution in this state, and licensed as a financial institution pursuant to chapter thirty-one-a of this code.

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"Reverse mortgage" means a nonrecourse loan secured by real property which:

(1) Provides cash advances to a borrower based on the equity 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 any lender authorized to engage in business as a bank, savings institution, or credit union under the laws of this state or any other lender, other than an industrial loan company, affiliated with a federally-insured depository institution in this state, and licensed as a financial institution pursuant to chapter thirty-one-a of this code.

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