Arkansas Code § 23-54-103 - Definitions

As used in this chapter, "reverse mortgage" means a nonrecourse loan secured by a borrower's principal residence that:

(1) Provides cash advances to a borrower based upon the amount of equity in the borrower's residence; and

(2) Requires no payment of principal or interest until the entire loan becomes due and payable.

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Last modified: November 15, 2016