Terms Used In Tennessee Code 47-30-104

• Borrower: means a natural person who occupies and owns in fee simple individually, or with another borrower as tenants by the entireties or as joint tenants with right of survivorship, an interest in residential real property securing a reverse mortgage loan, and who borrows money under a reverse mortgage loan. See Tennessee Code 47-30-102
• Contract: A legal written agreement that becomes binding when signed.
• Counselor: means either:
  (A) An individual who has completed a training curriculum on reverse mortgage counseling provided or approved by HUD and whose name is maintained on HUD's list of approved reverse mortgage counselors. See Tennessee Code 47-30-102
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Fannie Mae: means The Federal National Mortgage Association, a corporation organized and existing under the laws of the United States. See Tennessee Code 47-30-102
• HUD: means the United States department of housing and urban development. See Tennessee Code 47-30-102
• lender: means :
  (A) A bank, savings and loan association, savings bank, savings institution, or credit union chartered under the laws of the United States or of Tennessee. See Tennessee Code 47-30-102
• 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}
• Reverse mortgage: means a mortgage or deed of trust securing a home equity conversion loan or reverse mortgage loan. See Tennessee Code 47-30-102
• Reverse mortgage loan: means a home equity conversion mortgage loan issued under the terms of this chapter. See Tennessee Code 47-30-102