{"data":{"id":"us-wv/w.-va.-code-47-24-3","jurisdiction":"us-wv","citation":"W. Va. Code § 47-24-3","heading":"Definition.","body":"\"Reverse mortgage\" means a nonrecourse loan secured by real property which:\n(1) Provides cash advances to a borrower based on the equity 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 any lender authorized to engage in business as a bank, savings institution, or credit union under the laws of this state or any other lender, other than an industrial loan company, affiliated with a federally-insured depository institution in this state, and licensed as a financial institution pursuant to chapter thirty-one-a of this code.","path":["CHAPTER 47. REGULATION OF TRADE.","ARTICLE 24. THE REVERSE MORTGAGE ENABLING ACT."],"source_url":"https://code.wvlegislature.gov/47-24-3/","current_through":"as of 2026-08-03; contains at least the enactments of the 2026 Regular Session","vintage":"","retrieved_at":"2026-09-06T00:30:16Z","sha256":"b480de4c113a636898c6b1ea20cf3203ef4fc2737473780b52906e48463ddbf2","source_id":"us-wv","stale":true,"prev":"us-wv/w.-va.-code-47-24-2","next":"us-wv/w.-va.-code-47-24-4"},"notice":"GroundRules: Original legal text. Not legal advice."}