North Carolina Reverse Mortgage Lender Bond

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 reverse mortgage loans.

Bond Amount	Annual Premium
$100,000	$600

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.