{"data":{"id":"us-nc/n.c.-gen.-stat.-53-265","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 53-265","heading":"Information required of lender.","body":"(a)\tAt the closing of the reverse mortgage loan, the lender shall provide to the borrower the name of the lender's employee or agent who has been designated specifically to respond to inquiries concerning reverse mortgage loans. This information shall be provided by the lender to the borrower at least annually, and whenever the information concerning the designated employee or agent changes.\n(b)\tOn an annual basis and when the loan becomes due, the lender shall issue to the borrower, without charge, a statement of account regarding the activity of the mortgage for the preceding calendar year, or for the period since the last statement of account was provided. The statement shall include all of the following information for the preceding year:\n(1)\tThe outstanding balance of the loan at the beginning of the statement period.\n(2)\tDisbursements to the borrower.\n(3)\tThe total amount of interest added to the outstanding balance of the loan.\n(4)\tAny property taxes, insurance premiums, or assessments paid by the lender.\n(5)\tPayments made to the lender.\n(6)\tThe total mortgage balance owed to date.\n(7)\tThe remaining amount available to the borrower in reverse mortgage loans wherein proceeds have been reserved to be disbursed in one or more lump sum amounts. (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_53-265.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:05:12Z","sha256":"155e909845ab199f8ef1add7c1dd69ac0d21b2a51dd9c94430a4b9dde1a7ecfb","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-53-264","next":"us-nc/n.c.-gen.-stat.-53-266"},"notice":"GroundRules: Original legal text. Not legal advice."}