reverse mortgage transaction
Defined in 1 place of the United States Code.
1 The term "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—
Source
- 2012–201615 U.S.C. § 1602Commerce and Trade · Definitions and rules of construction · under this subchapter
1 The term “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—
(1) securing one or more advances; and
(2) 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—
(A) the transfer of the dwelling;
(B) the consumer ceases to occupy the dwelling as a principal dwelling; or
(C) the death of the consumer.
Source
- 2014–201815 U.S.C. § 1602Commerce and Trade · Definitions and rules of construction · under this subchapter
The term "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—
Source
- 2011–202615 U.S.C. § 1602Commerce and Trade · Definitions and rules of construction · under this subchapter
The term “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—
(1) securing one or more advances; and
(2) 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—
(A) the transfer of the dwelling;
(B) the consumer ceases to occupy the dwelling as a principal dwelling; or
(C) the death of the consumer.
Source
- 1994–present15 U.S.C. § 1602Commerce and Trade · Definitions and rules of construction · under this subchapter