Home Foreclosures: NORTH CAROLINA
N.C. Gen. Stat. § 53-244.110; N.C. Gen. Stat. §§ 53-255 to 53-272 (Reverse Mortgage Act)
Definition and Scope
N.C. Gen. Stat. § 53-244.110; N.C. Gen. Stat. §§ 53-255 to 53-272 (Reverse Mortgage Act)
Definition and Scope
N.D. Cent. Code § 35-01-05.2; N.D. Admin. Code 75-02-02.1-28
Definition and Scope
There is no explicit definition of “reverse mortgage.”
Origination
Authorized Lenders: No applicable law.
Disclosures: No applicable law.
Application and Approval: No applicable law.
Ohio Rev. Code Ann. §§ 1349.25, 5163.32 (West); Ohio Admin. Code 5160:1-3-05.5
Definition and Scope
Reverse mortgage excluded from definition of “consumer credit mortgage loan transaction” for purposes of consumer credit mortgage loan statute. For purpose of statute “reverse mortgage transaction” has the same meaning as in section 152(a) of the “Home Ownership and Equity Protection Act of 1994,” 108 Stat. 2190, 15 U.S.C. 1602 and the regulations adopted thereunder. § 1349.25.
Okla. Stat. tit. 14A, §§ 1-301(18), 3-309.5
Definition and Scope
Or. Rev. Stat. §§ 86A.100, 86A.195, 86A.196; Or. Admin. R. 461-145-0330
Definition and Scope
“Reverse mortgage” means a residential mortgage transaction in which the lender provides loan proceeds to a borrower in a lump sum or in monthly installments with the expectation that the borrower will repay the loan from the proceeds of a sale or transfer of the real property that secures the loan. § 86A.196.
Origination
7 Pa. Cons. Stat. § 6126(7); 73 Pa. Cons. Stat. § 201-7(a); 10 Pa. Code §§ 49.1 to 49.3 (Reverse Mortgages Statement of Policy)
Definition and Scope
P.R. Laws Ann. tit. 7, §§ 3061 to 3071 (Reverse Mortgage Consumer Protection Act); P.R. Laws. Ann. tit. 32, §§ 2881 to 2886
Definition and Scope
34 R.I. Gen. Laws §§ 34-23-5, 34-25.1-1 to 34-25.1-16
Definition and Scope
Reverse mortgages made after January 1, 1985. Applicable to mortgage entitled “Reverse mortgage to secure present and future loans under chapter 25.1 of title 34” and which includes the terms and provisions under § 34-25.1-2. § 34-25.1-6.
Origination
S.C. Code Ann. §§ 29-4-10 to 29-4-60 (Reverse Mortgage Act)
Definition and Scope
S.D. Codified Laws §§ 54-12-20 to 54-12-22; S.D. Admin. R. 67:46:05:15
Definition and Scope
Reverse mortgage is nonrecourse loan secured by real property that provides cash advances to a borrower based on the equity in a borrower’s owner occupied principal residence, and requires no payment of principal or interest until the entire loan becomes due and payable. § 54-12-20.
Origination
Tenn. Code Ann. §§ 47-30-101 to 47-30-118 (Home Equity Conversion Mortgage Act)
Definition and Scope
Tex. Const. art. 16, § 50; Tex. Prop. Code Ann. tit. 2, app., Title Examination Standard 16.30 (West) (Foreclosure of Home Equity Loans and Reverse Mortgages)
Definition and Scope
Utah Code Ann. §§ 57-28-101 to 57-28-305 (West) (Reverse Mortgage Act)
Definition and Scope
Vt. Stat. Ann. tit. 8, §§ 10701 to 10704; Vt. Stat. Ann. tit. 12, §§ 4631 to 4637
Definition and Scope
V.I. Code Ann. tit. 28, § 1032 (future advances)
Definition and Scope
There is no explicit definition of “reverse mortgage.”
Origination
Authorized Lenders: No applicable law.
Disclosures: No applicable law.
Application and Approval: No applicable law.
Va. Code Ann. § 6.2-881
Definition and Scope
There is no explicit definition of “reverse mortgage.”
Origination
Authorized Lenders: No applicable law.
Disclosures: No applicable law.
Application and Approval: No applicable law.
Cooling Off Period: No applicable law.
Wash. Rev. Code §§ 31.04.500 to 31.04.540 (Reverse Mortgage Act)
Definition and Scope
W. Va. Code §§ 47-24-1 to 47-24-8 (Reverse Mortgage Enabling Act)
Definition and Scope
Reverse mortgage is a nonrecourse loan secured by real property which provides cash advances to a borrower based on the equity in a borrower’s owner-occupied principal residence, and requires no payment of principal or interest until the entire loan becomes due and payable. § 47-24-3.
Origination
Wis. Stat. § 138.058
Definition and Scope
Wyo. Stat. Ann. § 42-2-405
Definition and Scope
There is no explicit definition of “reverse mortgage.”
Origination
Authorized Lenders: No applicable law.
Disclosures: No applicable law.
Application and Approval: No applicable law.
Cooling Off Period: No applicable law.
Every state has enacted special property tax abatement schemes or exemptions which relieve at least some taxpayers of a portion of their property tax liability by virtue of age, disability, income level, or personal status. All states have approved tax relief for older homeowners, and some states extend this relief to older renters as well. The abatements provided by these programs can be significant, and should be thoroughly explored for every homeowner. Their benefits are not automatic, however.
Ala. Code §§ 40-9-1 to 40-9-39
Elder and Disabled Exemption: The principal residence, plus up to 160 acres adjacent thereto, of any resident who is retired due to permanent and total disability or who is sixty-five or older, provided net income of person claiming exemption and that of spouse is $12,000 or less, is exempt from local property taxes. § 40-9-21.
Alaska Stat. §§ 29.45.030, 29.45.040, 09.38.010
Elder and Disabled Veterans Exemption: The principal residence of a resident sixty-five or older, a disabled person, or a resident at least sixty years old who is the widow or widower of either is exempt from local property taxes on the first $150,000 of the assessed value of the real property. § 29.45.030(e). By ordinance approved by the voters, a municipality may exempt from taxation the assessed value of such property exceeding $150,000. § 29.45.050(i).
Ariz. Rev. Stat. Ann. §§ 42-11111, 42-17301 to 42-17313, 43-1072
Elder: Residents who are at least sixty-five, have a sufficiently low-income, and paid property taxes or rent, are entitled to an income tax credit. § 43-1072. Property tax deferral is available for residents who are at least seventy, are low-income, own no other real property, meet certain residency requirements, and whose home is valued at not more than $150,000. §§ 42-17301 to 42-17313.
Ark. Code Ann. §§ 26-3-306