{"data":{"id":"us-nc/n.c.-gen.-stat.-53-262","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 53-262","heading":"Renegotiation of loan; calculation of outstanding balance; prepayment.","body":"(a)\tIf a reverse mortgage loan contract allows for a change in the payments or payment options, the lender may charge a reasonable fee when payments are recalculated.\n(b)\tThe outstanding loan balance shall be calculated by adding the current totals of items described in subdivisions (1) through (4) below, and subtracting the current totals of all reverse mortgage loan payments made by the borrower to the lender:\n(1)\tThe sum of all disbursements made by the lender to the borrower, or to another party on the borrower's behalf.\n(2)\tAll taxes, assessments, insurance premiums, and other similar charges paid to date by the lender under G.S. 53-261 and not reimbursed by the borrower within 60 days of the date payment was made by the lender.\n(3)\tAll actual closing costs the borrower has deferred, if a deferral provision is contained in the loan agreement.\n(4)\tThe total accrued interest to date.\n(c)\tPrepayment of the reverse mortgage loan, in whole or part, shall be permitted without penalty at any time during the term of the loan. (1991, c. 546, s. 1; 1995, c. 115, s. 1.)","path":["Chapter 53. Regulation of Financial Services.","Article 21. Reverse Mortgages."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_53/GS_53-262.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:05:12Z","sha256":"139a0d8073e999180d78ea0ce2c7f49632a41553247436a0975f082200053bef","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-53-261","next":"us-nc/n.c.-gen.-stat.-53-263"},"notice":"GroundRules: Original legal text. Not legal advice."}