North Carolina Reverse Mortgage Lender Bond

Bond Details

North Carolina Reverse Mortgage Lender Bond – $100,000 bond – $600 per year

Overview

Mortgage lenders authorized by the North Carolina Commission of Banks (NCCOB) must add reverse mortgages as a business activity to engage in reverse lending. The NCCOB requires lenders to post a $100,000 surety bond to make these reverse mortgage loans, and the cost of the bond is $600 for a one-year term.