Missouri Revised Statutes
Chapter 443
Mortgages, Deeds of Trust and Mortgage Brokers
←443.893
Section 443.901.1
443.903→
August 28, 2015
Reverse mortgage act--definitions.
443.901. 1. Sections 443.901 to 443.912 shall be known and be cited as
the "Missouri Reverse Mortgage Act".
2. For the purposes of sections 443.901 to 443.912 the following terms
mean:
(1) "Authorized lender" or "lender", a lender authorized to engage in
business as a bank, savings institution or credit union under the laws of the
United States or this state, residential mortgage licensee who is licensed
pursuant to sections 443.800 to 443.893 or entity that is an exempt entity
pursuant to sections 443.800 to 443.893;
(2) "Brokered", the act of helping to obtain for an investor or other
entity, or from an investor or other entity, for a borrower, a residential
mortgage loan, including a reverse mortgage loan;
(3) "Originated", advertised, solicited, processed, for which a loan
application is taken, or which is closed, committed for, or funded;
(4) "Principal" as it relates to reverse mortgages, the total of the net
amount paid to, receivable by, contracted for, or paid, or payable, for the
account of the borrower, and to the extent payment is deferred, additional
charges permitted by sections 443.901 to 443.912;
(5) "Reverse mortgage loan", a loan originated, made or brokered by an
authorized lender which:
(a) Is secured by residential real estate property;
(b) Provides cash advances to the borrower based upon the equity in the
borrower's owner-occupied principal residence;
(c) Requires no payment of principal or interest until the entire loan
becomes due and payable; and
(d) Otherwise complies with the terms of sections 443.901 to 443.912.
(L. 1995 H.B. 63, et al. § 1)
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