{"data":{"id":"us-nc/n.c.-gen.-stat.-53-267","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 53-267","heading":"Repayment upon borrower's default.","body":"A reverse mortgage loan contract may provide for a borrower's default, thereby triggering early repayment of the loan, based only upon one or more of the following terms and conditions:\n(1)\tThe borrower fails to maintain the residence as required by the contract.\n(2)\tThe borrower sells or otherwise conveys title to the home to a third party.\n(3)\tThe borrower dies and the home is not the principal residence of the surviving borrower.\n(4)\tThe home is not the principal residence of at least one of the borrowers for a period of 12 consecutive months for reasons of physical or mental illness.\n(5)\tFor reasons other than physical or mental illness, the home ceases to be the principal residence of the borrower for a period of 180 consecutive days and is not the principal residence of another borrower under the loan, without prior written permission from the lender.\n(6)\tThe borrower fails to pay property taxes, insurance premiums, and assessments under G.S. 53-261. (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_53-267.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:05:12Z","sha256":"621b2e48d7bafdb1ac4225f1278d9b0a063489d81a3b12f28ffee0e8248d0bf6","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-53-266","next":"us-nc/n.c.-gen.-stat.-53-268"},"notice":"GroundRules: Original legal text. Not legal advice."}