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23-54-103. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-54-103
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-54-103
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: da6a693bda84e9a26ce42c64121e729e3d4dbc12d9c9a4fffc1b6a3d8b9aae33
Source location: content.xml paragraph 26536
Stored source content
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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