Reverse mortgage loan definition

Reverse mortgage loan means a nonrecourse con- sumer credit obligation in which:

Reverse mortgage loan means a loan:

Reverse mortgage loan means a loan, or an agreement to lend, which is secured by a first mortgage on the borrower’s prin- cipal residence, is insured by the federal government under 12 USC 1715z−20 and requires repayment as specified in the loan agreement under any of the following conditions:

Examples of Reverse mortgage loan in a sentence

• We perceive that each type of user may have somewhat different objectives in their use of ratings and that our job is to strike an appropriate balance between the objectives of different users.

• In this section we model an Italian Reverse mortgage loan introducing the notation to be used throughout of the paper.Let us consider a retired individual aged x who takes out a reverse mortgage loan for a value M0, against his house currently valued I0.

• Reverse mortgage loan for double life status refers to the couple apply for reverse mortgage loan via their shared house.

• Reverse mortgage loan then allows homeowners to borrow against their home equity.

• Reverse mortgage loan Non-Banking Finance Companies: Types, Growth, Functions, RBI Guidelines, Prudential Norms.

More Definitions of Reverse mortgage loan

Reverse mortgage loan means a nonrecourse consumer credit obligation in which:

Reverse mortgage loan means a loan: (1) Made to a borrower wherein the committed principal amount is paid to the borrower in equal or unequal installments over a period of months or years, interest is assessed, and authorized closing costs are incurred as specified in the loan agreement; (2) Which is secured by a mortgage on residential property owned solely by the borrower; and (3) Which is due upon the death of the last surviving borrower, or upon the borrower terminating use of the property as principal residence so as to disqualify the property from the homestead credit refund given in chapter 290A.

Reverse mortgage loan means a nonrecourse consumer credit

Reverse mortgage loan means a loan that:

Reverse mortgage loan means a mortgage loan the proceeds of which are disbursed to the mortgagor in 1 or more lump sums, or in equal or unequal installments, either directly by the lender or the lender's agent, and which requires no repayment until a future time, upon the earliest occurrence of 1 or more events specified in the reverse mortgage loan contract.

Reverse mortgage loan means a loan that is secured by a charge on real property owned by an individual, and under which

Reverse mortgage loan means a Mortgage Loan that provides for the loan of money to a borrower based on the home equity in the Mortgaged Property and the borrower’s obligation to repay the loan is deferred until the owner dies, sells the Mortgaged Property or the owner vacates the Mortgaged Property.