Indiana Statutes
§ 28-15-11-9 — "Reverse annuity mortgage loan" or "RAM loan"
As used in this chapter, "reverse annuity mortgage loan" or "RAM loan" means a mortgage loan that:
(1)provides periodic payments to the borrower based on the
accumulated equity in the real estate securing the loan, with
payments made directly by the lender or through the purchase of
an annuity from an insurance company; and
(2)becomes due either:
(A)at a specified date; or
(B)on the occurrence of a specified event, such as a sale of the
real estate securing the loan or the death of the borrower.
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Legislative History
As added by P.L.193-1997, SEC.2.
Nearby Sections
15
§ 28-1-1-1
Short title§ 28-1-1-2
Application of article§ 28-1-1-3
Definitions§ 28-1-1-3.5
Affiliate relationship§ 28-1-1-3.7
"Emancipated youth"§ 28-1-1-3.9
"Foster youth"§ 28-1-1-4
"Fund"§ 28-1-1-5
References to savings associations§ 28-1-1-6
"Depository financial institution"§ 28-1-1-7
"Qualified youth"§ 28-1-11-11
Safe deposits and escrows