Reverse Mortgage defined.

S.C. Code Ann. § 29-4-20
in effect
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As used in this chapter "reverse mortgage" means a nonrecourse loan secured by real property which: (1) provides cash advances to a borrower based on the equity or future appreciation in value in a borrower's owner-occupied principal residence; (2) requires no payment of principal or interest until the entire loan becomes due and payable; and (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. Effect of Amendment The 2009 amendment, in item (1), added "or future appreciation in value"; and, in item (3), substituted "a mortgage lender licensed pursuant to Chapter 22, Title 37" for "authorized seller-servicers selling mortgage loans to the Federal National Mortgage Association or to the Federal Home Loan Mortgage Corporation,".
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.scstatehouse.gov/code/t29c004.phpFetched: 10/17/2026
S.C. Code Ann. § 29-4-20 — Reverse Mortgage defined | Code of Laws of South Carolina (Aug. 2026 snapshot) | Corpus