{"data":{"id":"us-sc/s.c.-code-ann.-29-4-20","jurisdiction":"us-sc","citation":"S.C. Code Ann. § 29-4-20","heading":"Reverse Mortgage defined.","body":"As used in this chapter \"reverse mortgage\" means a nonrecourse loan secured by real property which:\n(1) provides cash advances to a borrower based on the equity or future appreciation in value in a borrower's owner-occupied principal residence;\n(2) requires no payment of principal or interest until the entire loan becomes due and payable; and\n(3) is made by a lender authorized to engage in business as a bank, savings institution, or credit union under the laws of the United States or of South Carolina, or a mortgage lender licensed pursuant to Chapter 22, Title 37.","path":["Title 29 - MORTGAGES AND OTHER LIENS","CHAPTER 4 Reverse Mortgages"],"source_url":"https://www.scstatehouse.gov/code/t29c004.php","current_through":"2025 Session of the General Assembly","vintage":"","retrieved_at":"2026-09-02T06:58:19Z","sha256":"cbcc139d09a24955a39b55a068d39afec21b2ffcbd67973461b403850884ebb7","source_id":"us-sc","stale":false,"prev":"us-sc/s.c.-code-ann.-29-4-10","next":"us-sc/s.c.-code-ann.-29-4-30"},"notice":"GroundRules: Original legal text. Not legal advice."}