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ARKANSAS STATUTES AND CODES
§ 23-54-103 - Definitions.
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.
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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