§47-24-1. Short Title
The article may be cited as the "Reverse Mortgage Enabling Act."
§47-24-2. Statement of Purpose
It is the intent of this legislation that elderly homeowners be permitted to meet their financial needs by accessing the equity in their homes through a reverse mortgage. The Legislature recognizes that many restrictions and requirements that exist to govern traditional mortgage transactions are inapplicable in the context of reverse mortgages. In order to foster […]
§47-24-3. Definition
"Reverse mortgage" means a nonrecourse loan secured by real property which: (1) Provides cash advances to a borrower based on the equity in a borrower's owner-occupied principal residence;
§47-24-4. General Rules for Reverse Mortgages
Reverse mortgage loans shall be governed by the following rules, without regard to the requirements set out elsewhere for other types of mortgage transactions: (a) Interest. A reverse mortgage may provide for an interest rate which is fixed or adjustable, and may also provide for interest that is contingent on appreciation in the value of […]
§47-24-5. Inapplicability of Related Statutes and Law
Reverse mortgage loans may be made or acquired without regard to the following statutory provisions or relevant interpretation of law: (a) Limitations on the purpose and use of future advances or any other mortgage proceeds; (b) Limitations on future advances to a term of years, or limitations on the term of credit line advances; (c) […]
§47-24-6. Treatment of Reverse Mortgage Loan Proceeds by Public Benefit Programs
Notwithstanding any law relating to payments, allowances, benefits or service provided on a means-tested basis, including, but not limited to, supplemental security income, low-income energy assistance, property tax relief, medical assistance and general assistance: (a) Reverse mortgage loan payments made to a borrower shall be treated as proceeds from a loan and not as income […]
§47-24-7. Consumer Information and Counseling
(a) No reverse mortgage commitment shall be made by a lender unless the loan applicant attests, in writing that the applicant received from the lender at time of initial inquiry a statement prepared by the commissioner of banking, in consultation with the board of the West Virginia Housing Development Fund, regarding the advisability and availability […]
§47-24-8. Regulatory Authority and Exemptions
(a) All reverse mortgage loans subject to this article shall be under the jurisdiction and supervision of the commissioner of banking, and subject to the regulatory authority and penalties set forth in chapter thirty-one-a of this code. (b) The commissioner of banking shall have the authority to promulgate rules in order to affect compliance with […]