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Section: 443.0901 Reverse mortgage act--definitions. RSMO 443.901


Published: 2015

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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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