Terms Used In Tennessee Code 47-30-118

• 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.
• Equity share: means any compensation, in addition to interest that has accrued on the outstanding balance, that the borrower has paid or agrees to pay to the lender at maturity of a reverse mortgage loan, which is equal to a percentage of the value of the property securing a reverse mortgage loan at maturity. See Tennessee Code 47-30-102
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• 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
• 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.
• Outstanding balance: means the current net amount of money owed by the borrower to the lender, calculated in accordance with §. See Tennessee Code 47-30-102
• Property: includes both personal and real property. See Tennessee Code 1-3-105