443.901. Reverse mortgage act--definitions. - Missouri Statutes

Reverse mortgage act--definitions.

443.901. 1. Sections 443.901 to 443.912 shall be known and be citedas the "Missouri Reverse Mortgage Act".

2. For the purposes of sections 443.901 to 443.912 the followingterms mean:

(1) "Authorized lender" or "lender", a lender authorized to engage inbusiness as a bank, savings institution or credit union under the laws ofthe United States or this state, residential mortgage licensee who islicensed pursuant to sections 443.800 to 443.893 or entity that is anexempt entity pursuant to sections 443.800 to 443.893;

(2) "Brokered", the act of helping to obtain for an investor or otherentity, or from an investor or other entity, for a borrower, a residentialmortgage loan, including a reverse mortgage loan;

(3) "Originated", advertised, solicited, processed, for which a loanapplication is taken, or which is closed, committed for, or funded;

(4) "Principal" as it relates to reverse mortgages, the total of thenet amount paid to, receivable by, contracted for, or paid, or payable, forthe account of the borrower, and to the extent payment is deferred,additional charges permitted by sections 443.901 to 443.912;

(5) "Reverse mortgage loan", a loan originated, made or brokered byan authorized lender which:

(a) Is secured by residential real estate property;

(b) Provides cash advances to the borrower based upon the equity inthe borrower's owner-occupied principal residence;

(c) Requires no payment of principal or interest until the entireloan becomes due and payable; and

(d) Otherwise complies with the terms of sections 443.901 to 443.912.

(L. 1995 H.B. 63, et al. § 1)