When a borrower's obligation to repay the reverse mortgage loan is triggered under G.S. 53-267, in addition to all rights conferred upon owners and borrowers under Chapter 45 of the General Statutes, the lender must give the borrower not less than 90 days' notice of its intent to initiate foreclosure proceedings. If the contract so provides, interest will continue to accrue during the 90-day period.
N.C. Gen. Stat. § 53-268
Time for initiation of foreclosure
Known as the Reverse Mortgage Act
The act spans §§ 53–53 (21 sections).
1991, c. 546, s. 1; 1995, c. 115, s. 1.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.