North Carolina § 53-267 - Repayment upon borrower's default.
Full text of North Carolina North Carolina General Statutes § 53-267 — Repayment upon borrower's default., with citation guidance and answers to common questions.
§ 53-267. Repayment upon borrower's default.
A reverse mortgage loan contract may provide for a borrower's default, thereby triggering early repayment of the loan, based only upon one or more of the following terms and conditions: The borrower fails to maintain the residence as required by the contract. The borrower sells or otherwise conveys title to the home to a third party. The borrower dies and the home is not the principal residence of the surviving borrower. The home is not the principal residence of at least one of the borrowers for a period of 12 consecutive months for reasons of physical or mental illness. For reasons other than physical or mental illness, the home ceases to be the principal residence of the borrower for a period of 180 consecutive days and is not the principal residence of another borrower under the loan, without prior written permission from the lender. The borrower fails to pay property taxes, insurance premiums, and assessments under G.S. 53-261. History (1991, c. 546, s. 1; 1995, c. 115, s. 1.)
Frequently Asked Questions About North Carolina § 53-267
What does North Carolina General Statutes § 53-267 cover?
Section 53-267 ("Repayment upon borrower's default.") 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 § 53-267?
A common citation format is "North Carolina General Statutes § 53-267" (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 § 53-267 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.