(a) If a reverse mortgage loan contract allows for a change in the payments or payment options, the lender may charge a reasonable fee when payments are recalculated.

(b) The reverse mortgage loan contract may provide for:

(1) A monthly service fee;

(2) A fee for mortgage insurance premiums, which may be collected monthly or in advance. These fees shall not exceed the monthly service fee or insurance premium permitted by HUD for participation in the Home Equity Conversion Mortgage Program or by Fannie Mae for a Fannie Mae Reverse Mortgage Loan;

(3) Repair administration fee, which complies with Fannie Mae guidelines or HUD regulations; and

(4) An equity share, including shared appreciation, if the transaction is a Fannie Mae Reverse Mortgage Loan of any principal amount notwithstanding § 47-24-102.

(c) The outstanding loan balance shall be calculated by adding the current totals of items described in subdivisions (c)(1)-(4), and subtracting the current totals of all reverse mortgage loan payments made by the borrower to the lender:

(1) The sum of all disbursements made by the lender to the borrower, or to another party on the borrower's behalf;

(2) All taxes, assessments, hazard insurance premiums, mortgage insurance premiums, monthly service fees, and other similar charges paid to date by the lender under § 47-30-106 and not reimbursed by the borrower within sixty (60) days of the date payment was made by the lender;

(3) All actual closing costs the borrower has deferred, if a deferral provision is contained in the loan agreement; and

(4) The total accrued interest to date.

(d) Prepayment of the reverse mortgage loan, in whole or part, is permitted without penalty at any time during the term of the loan.