{"data":{"id":"us-sc/s.c.-code-ann.-29-4-40","jurisdiction":"us-sc","citation":"S.C. Code Ann. § 29-4-40","heading":"Reverse mortgage loans authorized without regard to certain provisions for other types of mortgage transactions.","body":"Reverse mortgage loans may be made or acquired without regard to the following provisions for other types of mortgage transactions:\n(1) limitations on the purpose and use of future advances or any other mortgage proceeds;\n(2) limitations on future advances to a term of years, or limitations on the term of credit line advances;\n(3) limitations on the term during which future advances take priority over intervening advances;\n(4) requirements that a maximum mortgage amount be stated in the mortgage;\n(5) limitations on loan-to-value ratios;\n(6) prohibitions on balloon payments;\n(7) prohibitions on compounded interest and interest on interest;\n(8) interest rate limits under the usury statutes; and\n(9) requirements that a percentage of the loan proceeds must be advanced prior to loan assignment.","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":"c9a443d8633b650cf6fe7c87d1ae4008e44fdc1eb531ace52aa3a287536a4f15","source_id":"us-sc","stale":false,"prev":"us-sc/s.c.-code-ann.-29-4-30","next":"us-sc/s.c.-code-ann.-29-4-50"},"notice":"GroundRules: Original legal text. Not legal advice."}