State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-260

§53‑260.  Interest.

Notwithstanding any otherprovisions of law to the contrary, the parties to a reverse mortgage loan maycontract for the payment of interest at a rate agreed to by the parties. Interest shall be deferred until the earliest occurrence of one or more eventsspecified in the reverse mortgage loan contract.  Payment of interest ondeferred interest shall be as agreed upon by the parties to the contract.  Theparties may agree that the deferred interest may be added to the outstandingbalance of the loan.  The Commissioner may determine that the total annualpercentage rate is excessive.  If the Commissioner determines the total annualpercentage rate to be excessive, that determination shall be included in theinformation provided to counselors under G.S. 53‑264(a)(7), and toapplicants for reverse mortgage loans under G.S. 53‑264(b). (1991,c. 546, s. 1; 1995, c. 115, s. 1.)