Definitions

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. Acts 2005, No. 2166, § 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. Acts 2005, No. 2166, § 1.