South Carolina § 29-4-40 - Reverse mortgage loans authorized without regard to certain provisions for other types of mortgage transactions.
Full text of South Carolina South Carolina Code of Laws § 29-4-40 — Reverse mortgage loans authorized without regard to certain provisions for other types of mortgage transactions., with citation guidance and answers to common questions.
§ 29-4-40. Reverse mortgage loans authorized without regard to certain provisions for other types of mortgage transactions.
Reverse mortgage loans may be made or acquired without regard to the following provisions for other types of mortgage transactions:
(1) limitations on the purpose and use of future advances or any other mortgage proceeds;
(2) limitations on future advances to a term of years, or limitations on the term of credit line advances;
(3) limitations on the term during which future advances take priority over intervening advances;
(4) requirements that a maximum mortgage amount be stated in the mortgage;
(5) limitations on loan-to-value ratios;
(6) prohibitions on balloon payments;
(7) prohibitions on compounded interest and interest on interest;
(8) interest rate limits under the usury statutes; and
(9) requirements that a percentage of the loan proceeds must be advanced prior to loan assignment.
HISTORY: 1994 Act No. 376, SECTION 1.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 29-4-40
What does South Carolina Code of Laws § 29-4-40 cover?
Section 29-4-40 ("Reverse mortgage loans authorized without regard to certain provisions for other types of mortgage transactions.") 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 § 29-4-40?
A common citation format is "South Carolina Code of Laws § 29-4-40" (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 § 29-4-40 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.