Reverse mortgage transaction means a nonrecourse borrower credit obligation in which:
Reverse mortgage transaction means a nonrecourse transaction in which a mortgage, deed of trust, or equivalent consensual security interest is created against the consumer's principal dwelling:
Reverse mortgage transaction means a transaction in which the loan may be disbursed to the reverse mortgagor but does not include transaction of sale, or disposal, of the property for settlement of the loan;
Examples of Reverse mortgage transaction in a sentence
Reverse mortgage transaction has the meaning set forth in 12 CFR 1026.33(a).
Reverse mortgage transaction has the meaning set forth in 12 CFR § 1026.33(a).
Residential mortgage transaction (§ 226.2(a)(24))2 Reverse mortgage transaction (§ 226.33)3 Open-end credit plan (Subpart B)(Note prohibition against structuring loans as open-end plans to evade sections 226.32−226.34(b))If the answer is No, STOP HERE Is the loan for the following purpose?If the answer is Yes in Box 1, 2, or 3, STOP HERE.
More Definitions of Reverse mortgage transaction
Reverse mortgage transaction means a nonrecourse loan secured by
Reverse mortgage transaction means a nonrecourse transaction in which a mortgage, deed of trust or equivalent consensual security interest is created against the consumer's principal dwelling to secure one or more advances and with respect to which the payment of any principal, interest and shared appreciation or equity is due and payable, other than in the case of default, only after the transfer of the dwelling, after the consumer ceases to occupy the dwelling as a principal dwelling or after the death of the consumer.
Reverse mortgage transaction means a nonrecourse
Reverse mortgage transaction means a loan for a definite or indefinite term secured by a first mortgage or first deed of trust on the principal residence of the mortgagor located in Iowa, the proceeds of which are disbursed to the mortgagor in one or more lump sums, or in equal or unequal installments, either directly by the lender or the lender's agent, and that requires no repayment until a future time, upon the earliest occurrence of one or more events specified in the reverse mortgage loan contract such as the sale of the property or the death of the borrower.
Reverse mortgage transaction means a nonrecourse transaction in which a mortgage, deed of trust, or equivalent
Reverse mortgage transaction means a loan for a
Reverse mortgage transaction means a nonrecourse borrower credit