Iowa Code 528.2 – Definitions
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Terms Used In Iowa Code 528.2
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
528.2 Definitions.
As used in this chapter, unless the context otherwise requires:
1. “”Administrator”” means the superintendent of banking and the superintendent of credit unions within the department of insurance and financial services.
2. “”Alternative mortgage loan”” means a mortgage loan which is a reverse annuity mortgage loan or graduated payment mortgage loan.
3. “”Financial institution”” means financial institution as defined in § 535A.1.
4. “”Graduated payment mortgage loan”” means a mortgage loan in which principal and interest payments, if any, and the making of additional advances, if any, are scheduled to reflect the prospective increasing or decreasing income of the mortgagor.
5. “”Mortgage loan”” means a loan secured by a first mortgage on one, two, three, or four family, owner-occupied residential real property.
6. “”Reverse annuity mortgage loan”” means a mortgage loan in which either the loan proceeds are used to purchase an annuity with the annuity proceeds to be advanced to the mortgagors, or the loan proceeds are directly advanced to the mortgagors, in ten or more installments, either directly or indirectly, and which together with unpaid interest, if any, are to be repaid in accordance with § 528.7.
89 Acts, ch 267, §2; 2012 Acts, ch 1017, §125; 2023 Acts, ch 19, §2743
Subsection 1 amended
As used in this chapter, unless the context otherwise requires:
1. “”Administrator”” means the superintendent of banking and the superintendent of credit unions within the department of insurance and financial services.
2. “”Alternative mortgage loan”” means a mortgage loan which is a reverse annuity mortgage loan or graduated payment mortgage loan.
3. “”Financial institution”” means financial institution as defined in § 535A.1.
4. “”Graduated payment mortgage loan”” means a mortgage loan in which principal and interest payments, if any, and the making of additional advances, if any, are scheduled to reflect the prospective increasing or decreasing income of the mortgagor.
5. “”Mortgage loan”” means a loan secured by a first mortgage on one, two, three, or four family, owner-occupied residential real property.
6. “”Reverse annuity mortgage loan”” means a mortgage loan in which either the loan proceeds are used to purchase an annuity with the annuity proceeds to be advanced to the mortgagors, or the loan proceeds are directly advanced to the mortgagors, in ten or more installments, either directly or indirectly, and which together with unpaid interest, if any, are to be repaid in accordance with § 528.7.
89 Acts, ch 267, §2; 2012 Acts, ch 1017, §125; 2023 Acts, ch 19, §2743
Subsection 1 amended