South Carolina § 29-4-20 - Reverse Mortgage defined.
Full text of South Carolina South Carolina Code of Laws § 29-4-20 — Reverse Mortgage defined., with citation guidance and answers to common questions.
§ 29-4-20. Reverse Mortgage defined.
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.
HISTORY: 1994 Act No. 376, SECTION 1; 2009 Act No. 67, SECTION 4.I, eff January 1, 2010.
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: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 29-4-20
What does South Carolina Code of Laws § 29-4-20 cover?
Section 29-4-20 ("Reverse Mortgage defined.") is part of the South Carolina Code of Laws, the codified statutory law of South 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 South Carolina § 29-4-20?
A common citation format is "South Carolina Code of Laws § 29-4-20" (South 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 South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 29-4-20 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South 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 South Carolina.