State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-265

§53‑265.  Information required of lender.

(a)        At the closing ofthe reverse mortgage loan, the lender shall provide to the borrower the name ofthe lender's employee or agent who has been designated specifically to respondto inquiries concerning reverse mortgage loans.  This information shall beprovided by the lender to the borrower at least annually, and whenever theinformation concerning the designated employee or agent changes.

(b)        On an annual basisand when the loan becomes due, the lender shall issue to the borrower, withoutcharge, a statement of account regarding the activity of the mortgage for thepreceding calendar year, or for the period since the last statement of accountwas provided.  The statement shall include all of the following information forthe preceding year:

(1)        The outstandingbalance of the loan at the beginning of the statement period.

(2)        Disbursements to theborrower.

(3)        The total amount ofinterest added to the outstanding balance of the loan.

(4)        Any property taxes,insurance premiums, or assessments paid by the lender.

(5)        Payments made to thelender.

(6)        The total mortgagebalance owed to date.

(7)        The remaining amountavailable to the borrower in reverse mortgage loans wherein proceeds have beenreserved to be disbursed in one or more lump sum amounts. (1991,c. 546, s. 1; 1995, c. 115, s. 1.)