RCW 31.04.505
251 words·~1 min read·
/wa/title-31/chapter-31-04/31-04-505·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.
(1)"FHA-approved reverse mortgage" means a "home equity conversion mortgage" or other reverse mortgage product guaranteed or insured by the federal department of housing and urban development.
(2)"Owner-occupied residence" is the borrower's residence and includes a life estate property the legal title for which is held in the name of the borrower in a reverse mortgage transaction or in the name of a trust, provided the occupant of the property is the beneficiary of that trust.
(3)"Proprietary reverse mortgage loan" is any reverse mortgage loan product that is not a home equity conversion mortgage loan or other federally guaranteed or insured loan.
(4)"Reverse mortgage broker or lender" means a licensee under the Washington state consumer loan act, chapter 31.04 RCW, or a person exempt from licensing pursuant to federal law.
(5)"Reverse mortgage loan" means a nonrecourse consumer credit obligation in which:
(a)A mortgage, deed of trust, or equivalent consensual security interest securing one or more advances is created in the borrower's dwelling;
(b)Any principal, interest, or shared appreciation or equity is due and payable, other than in the case of default, only after:
(i)The consumer dies;
(ii)The dwelling is transferred; or
(iii)The consumer ceases to occupy the dwelling as a dwelling; and
(c)The broker or lender is licensed under Washington state law or exempt from licensing under federal law.
[ 2009 c 149 s 1 .]