§ 53-256. Purpose. - North Carolina Statutes

§53‑256.  Purpose.

It is the intent of theGeneral Assembly that reverse mortgage loans be available so that elderlyhomeowners may use the equity in their homes to meet their financial needs. The General Assembly recognizes that there may be restrictions and requirementsgoverning traditional mortgage transactions that should not apply to reversemortgages. The purpose of this Article is to authorize reverse mortgagetransactions and to clarify other provisions of North Carolina law that mightotherwise apply to reverse mortgage loans, and to provide protection forelderly homeowners who enter into reverse mortgage transactions. (1991,c. 546, s. 1; 1995, c. 115, s. 1.)