For the purposes of this chapter, a reverse mortgage is any nonrecourse loan secured by real property that:
(1) Provides cash advances to a borrower based on the equity in a borrower's owner occupied principal residence;
(2) Requires no payment of principal or interest until the entire loan becomes due and payable; and
(3) Is made by any lender authorized to engage in business as a bank savings institution, mortgage company, or credit union under the laws of the United States or of South Dakota, or another lender authorized to make reverse mortgage loans by the Division of Banking.