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) 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;
     (c) who is the owner and occupant of a single-family dwelling that is unencumbered by any prior mortgage, lien, or pledge; 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, excluding a condominium as defined in 70-23-102.

     History: En. Sec. 3, Ch. 178, L. 1989.