North Carolina § 53-263 - Limits on borrowers' liability.
Full text of North Carolina North Carolina General Statutes § 53-263 — Limits on borrowers' liability., with citation guidance and answers to common questions.
§ 53-263. Limits on borrowers' liability.
When a reverse mortgage loan becomes due, if the borrower mortgaged one hundred percent (100%) of the full value of the house then the amount owed by the borrower shall not be greater than (i) the fair market value of the house, minus sale costs, or (ii) the outstanding balance of the loan, whichever amount is less. If the borrower mortgaged less than one hundred percent (100%) of the full value of the house, the amount owed by the borrower shall not be greater than (i) the outstanding balance of the loan, or (ii) the percentage of the fair market value, minus sale costs, as provided in the contract, whichever amount is less. The lender shall enforce the debt only through the sale of the property and shall not obtain a deficiency judgment against the borrower. History (1991, c. 546, s. 1; 1995, c. 115, s. 1.)
Frequently Asked Questions About North Carolina § 53-263
What does North Carolina General Statutes § 53-263 cover?
Section 53-263 ("Limits on borrowers' liability.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Carolina § 53-263?
A common citation format is "North Carolina General Statutes § 53-263" (North Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 53-263 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Carolina.