Title 54 — DEBTOR AND CREDITOR
19 chapters · 291 sections in this title.
SDCL § 54-12-20 Reverse mortgage defined
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For the purposes of this chapter, a reverse mortgage is any nonrecourse loan secured by real property that: (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 …
SDCL § 54-12-21 Rules for reverse mortgage loans
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A reverse mortgage loan is governed by the following rules, without regard to the requirements set out elsewhere for other types of mortgage transactions: (1) Prepayment in whole or in part, is permitted without penalty at any time during the period of the loan; (2) All advances …
SDCL § 54-12-22 Reverse mortgage loan payment--Undisbursed reverse mortgage funds
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A reverse mortgage loan payment made to a borrower is treated as proceeds from a loan and not as income for the purpose of determining eligibility and benefits under means - tested programs of aid to individuals. Undisbursed reverse mortgage funds shall be treated as equity in a …