Definitions
Known as the Reverse Mortgage Protection Act
The act spans §§ 23–23 (9 sections).
Acts 2005, No. 2166, § 1.
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.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.