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10 chapters · 159 sections in this title.
S.C. Code Ann. § 29-4-10 Short Title
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This chapter may be cited as the South Carolina Reverse Mortgage Act.
S.C. Code Ann. § 29-4-20 Reverse Mortgage defined
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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 principa…
S.C. Code Ann. § 29-4-30 Rules governing reverse mortgage loans
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Reverse mortgage loans are governed by these rules, without regard to the requirements set out elsewhere for other types of mortgage transactions: (1) Payment in whole or in part is permitted without penalty at any time during the period of the loan. (2) An advance made under a r…
S.C. Code Ann. § 29-4-40 Reverse mortgage loans authorized without regard to certain provisions for other types of mortgage transactions
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Reverse mortgage loans may be made or acquired without regard to the following provisions for other types of mortgage transactions: (1) limitations on the purpose and use of future advances or any other mortgage proceeds; (2) limitations on future advances to a term of years, or …
