Colorado § 11-38-102 Definitions

Colorado Statutes

§ 11-38-102 — Definitions

Colorado·Title 11 Financial·Art. Reverse Mortgages

As used in this article 38, unless the context otherwise requires:

(1)Borrower means the person receiving cash advances pursuant to the terms of and obligated for repayment of a reverse mortgage. Person includes plural as well as singular. (1.3) Force majeure means fire, explosion, action of the elements, unusually severe weather, act of God, act of war, or any other cause that is beyond the control of the borrower and that could not have been prevented by the borrower while exercising reasonable diligence.

(2)Independent counseling means counseling by a person unaffiliated with the lender, including but not limited to a housing counseling agency approved by the United States department of housing and urban development.

(3)Lender means a bank, savings and loan association, o

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As used in this article 38, unless the context
otherwise requires:

(1) Borrower means the person receiving cash advances pursuant to the
terms of and obligated for repayment of a reverse mortgage. Person includes
plural as well as singular.

(1.3) Force majeure means fire, explosion, action of the elements, unusually
severe weather, act of God, act of war, or any other cause that is beyond the control
of the borrower and that could not have been prevented by the borrower while
exercising reasonable diligence.

(2) Independent counseling means counseling by a person unaffiliated with
the lender, including but not limited to a housing counseling agency approved by
the United States department of housing and urban development.

(3) Lender means a bank, savings and loan association, or credit union
organized under the laws of the United States or the state of Colorado or a person
who regularly makes loans or advances secured by interests in residential real
property.

(4) Reverse mortgage means a written instrument evidencing or creating a
nonrecourse loan secured by real property which:

(a) Provides cash advances, whether in the form of a lump sum, periodic
payments, a line of credit, or other similar methods, or a combination thereof, to a
borrower based on the equity in the borrower's owner-occupied principal residence,
which periodic payments may be derived from an annuity purchased with such cash
advances;

(b) Requires no partial or other payment of principal or interest until the
entire loan becomes due and payable; and

(c) Is made by any lender as defined in subsection (3) of this section.

Colorado § 11-38-102 (Definitions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 92: Entire article added, p. 939, � 1, effective April 23. L. 2023: IP amended and (1.3) added, (HB 23-1266), ch. 440, p. 2580, � 1, effective June 7.