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.