West Virginia Code 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:
Terms Used In West Virginia Code 47-24-5
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
(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) Limitations on the term during which future advances take priority over intervening advances;
(d) Requirements that a maximum mortgage amount be stated in the mortgage;
(e) Limitations on loan-to-value ratios;
(f) Prohibitions on balloon payments;
(g) Prohibitions on compounded interest and interest on interest;
(h) Interest rate limits under the usury statutes;
(i) Requirements that a percentage of the loan proceeds must be advanced prior to loan assignment; and
(j) Limitations on ongoing administrative and servicing fees.