(1) As used in this chapter, “reverse mortgage” means a nonrecourse loan secured by a borrower's principal residence that:(1) Provides cash advances to a borrower based upon the amount of equity in the borrower's residence; and(2) Requires no payment of principal or interest until the entire loan becomes due and payable.
(1) Provides cash advances to a borrower based upon the amount of equity in the borrower's residence; and
(2) Requires no payment of principal or interest until the entire loan becomes due and payable.