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2020 West Virginia Code
Chapter 47. Regulation of Trade
Article 24. The Reverse Mortgage Enabling Act
§47-24-3. Definition
Universal Citation: WV Code § 47-24-3 (2020)
"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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