Reverse mortgage loans authorized without regard to certain provisions for other types of mortgage transactions.
S.C. Code Ann. § 29-4-40
in effectReverse mortgage loans may be made or acquired without regard to the following provisions for other types of mortgage transactions: (1) limitations on the purpose and use of future advances or any other mortgage proceeds; (2) limitations on future advances to a term of years, or limitations on the term of credit line advances; (3) limitations on the term during which future advances take priority over intervening advances; (4) requirements that a maximum mortgage amount be stated in the mortgage; (5) limitations on loan-to-value ratios; (6) prohibitions on balloon payments; (7) prohibitions on compounded interest and interest on interest; (8) interest rate limits under the usury statutes; and (9) requirements that a percentage of the loan proceeds must be advanced prior to loan assignment.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.scstatehouse.gov/code/t29c004.phpFetched: 10/17/2026