Montana § 90-6-503 Definitions

Montana Statutes

§ 90-6-503 — Definitions

Montana·Title 90 PLANNING, RESEARCH, AND DEVELOPMENT·Ch. 6 COMMUNITY IMPACT -- PLANNING AND ABATEMENT·Part 5 Reverse Annuity Mortgage Loan

90-6-503 . Definitions. As used in this part, unless the context requires otherwise, the following terms apply:

(1)"Mortgage" means a mortgage as defined in 90-6-103 .

(2)"Mortgagee" means the holder of a mortgage or its assignee.

(3)"Mortgagor" means a person:

(a)who is of lower income as determined by the board. In its determination of lower income, the board shall take into consideration the criteria in 90-6-103 (16).

(b)68 years of age or older, except as provided on a case-by-case basis in accordance with program guidelines established by the board of housing;

(c)who is the owner and occupant of a single-family dwelling; and

(d)who has completed a reverse annuity mortgage counseling program approved by the board.

(4)"Reverse annuity mortgage loan" means a loan in which loan pr

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90-6-503 . Definitions. As used in this part, unless the context requires otherwise, the following terms apply:
(1) "Mortgage" means a mortgage as defined in 90-6-103 .
(2) "Mortgagee" means the holder of a mortgage or its assignee.
(3) "Mortgagor" means a person:
(a) who is of lower income as determined by the board. In its determination of lower income, the board shall take into consideration the criteria in 90-6-103 (16).
(b) 68 years of age or older, except as provided on a case-by-case basis in accordance with program guidelines established by the board of housing;
(c) who is the owner and occupant of a single-family dwelling; and
(d) who has completed a reverse annuity mortgage counseling program approved by the board.
(4) "Reverse annuity mortgage loan" means a loan in which loan proceeds are advanced to the mortgagor to provide a monthly tax-free cash payment for 10 years.
(5) "Single-family dwelling" means a one- to four-family living unit.

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