Montana Code 90-6-503. Definitions
90-6-503. Definitions. As used in this part, unless the context requires otherwise, the following terms apply:
Terms Used In Montana Code 90-6-503
- 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: means a mortgage as defined in 90-6-103. See Montana Code 90-6-503
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Single-family dwelling: means a one- to four-family living unit. See Montana Code 90-6-503
(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.