Section 90-6-503 - DefinitionsAs 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.En. Sec. 3, Ch. 178, L. 1989; amd. Sec. 1, Ch. 39, L. 1997.