2021 West Virginia Code
Chapter 47. Regulation of Trade
Article 24. The Reverse Mortgage Enabling Act
§47-24-5. Inapplicability of Related Statutes and Law
Reverse mortgage loans may be made or acquired without regard to the following statutory provisions or relevant interpretation of law:
(a) Limitations on the purpose and use of future advances or any other mortgage proceeds;
(b) Limitations on future advances to a term of years, or limitations on the term of credit line advances;
(c) Limitations on the term during which future advances take priority over intervening advances;
(d) Requirements that a maximum mortgage amount be stated in the mortgage;
(e) Limitations on loan-to-value ratios;
(f) Prohibitions on balloon payments;
(g) Prohibitions on compounded interest and interest on interest;
(h) Interest rate limits under the usury statutes;
(i) Requirements that a percentage of the loan proceeds must be advanced prior to loan assignment; and
(j) Limitations on ongoing administrative and servicing fees.
