§ 10701. Definitions
As used in this subchapter:
(1) Financial institution. "Financial institution" means a financial institution as defined in subdivision 10202(5) of this chapter.
(2) Reverse mortgage loan. "Reverse mortgage loan" means a loan that:
(A) is a loan wherein the committed principal amount is secured by a mortgage on residential property owned by the borrower;
(B) is due upon sale of the property securing the loan or upon the death of the last surviving borrower or upon the borrower terminating use of the real property as a principal residence or upon the borrower's default;
(C) provides cash advances to the borrower based upon the equity or the value in the borrower's owner-occupied principal residence; and
(D) requires no payment of principal or interest until the entire loan becomes due and payable. (Added 2009, No. 53, § 4.)
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