"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.
‹ Prev All West Virginia sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.