As used in this chapter "reverse mortgage" means a nonrecourse loan secured by real property which:

1. (1) provides cash advances to a borrower based on the equity in a borrower's owner-occupied principal residence;
2. (2) requires no payment of principal or interest until the entire loan becomes due and payable; and
3. (3) is made by a lender authorized to engage in business as a bank, savings institution, or credit union under the laws of the United States or of South Carolina, or authorized seller-servicers selling mortgage loans to the Federal National Mortgage Association or to the Federal Home Loan Mortgage Corporation, or supervised lenders regulated by the State Board of Financial Institutions.