53-256. Purpose.
It is the intent of the General Assembly that reverse mortgage loans be available so that elderly homeowners may use the equity in their homes to meet their financial needs. The General Assembly recognizes that there may be restrictions and requirements governing traditional mortgage transactions that should not apply to reverse mortgages. The purpose of this Article is to authorize reverse mortgage transactions and to clarify other provisions of North Carolina law that might otherwise apply to reverse mortgage loans, and to provide protection for elderly homeowners who enter into reverse mortgage transactions. (1991, c. 546, s. 1; 1995, c. 115, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 53 - Regulation of Financial Services
Article 21 - Reverse Mortgages.
§ 53-258 - Authority and procedures governing reverse mortgage loans.
§ 53-259 - Application of rules.
§ 53-261 - Taxes, insurance, and assessments.
§ 53-262 - Renegotiation of loan; calculation of outstanding balance; prepayment.
§ 53-263 - Limits on borrowers' liability.
§ 53-264 - Disclosures of loan terms.
§ 53-265 - Information required of lender.
§ 53-266 - Effects of lender's default.
§ 53-267 - Repayment upon borrower's default.
§ 53-268 - Time for initiation of foreclosure.
§ 53-269 - Counseling provisions.
§ 53-270.1 - Contracts for shared appreciation or shared value.