90-6-503. Definitions.
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90-6-503 . 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.