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2012 Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 54 - Reverse Mortgage Protection Act
§ 23-54-103 - Definitions.


AR Code § 23-54-103 (2012) What's This?

As used in this chapter, "reverse mortgage" means a nonrecourse loan secured by a borrower's principal residence that:

(1) Provides cash advances to a borrower based upon the amount of equity in the borrower's residence; and

(2) Requires no payment of principal or interest until the entire loan becomes due and payable.

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