(a) For each loan issued under this chapter, the Mayor shall arrange a repayment schedule for which the repayment shall not create an economic hardship on the senior citizen homeowner receiving the loan. Loan repayment may be deferred to avoid economic hardship.
(b) The loans granted under this chapter shall be recorded as a lien against the principal place of residence of the applicant.
(c) If the loan is not fully repaid prior to the death of the senior citizen homeowner who accepted a loan under this chapter, the District may collect the unsatisfied amount from the decedent’s estate.