As used in ss. 697.20-697.206, the term:
- (1) "Consortium" means two or more mortgagees who jointly negotiate and agree to provide home equity conversion plans to elderly homeowners, on agreed-upon terms and conditions.
- (2) "Department" means the Department of Insurance.
- (3) "Elderly homeowner" means any homeowner who is 70 years of age or older. If a home is jointly owned, both homeowners will be deemed elderly homeowners for purposes of ss. 697.20-697.206 if at least one of the joint homeowners is 70 years of age or older.
- (4) "Home equity conversion" means any method by which a homeowner can convert the equity in her or his home into cash without relinquishing occupancy rights.
- (5) "Home equity conversion mortgage" means a reverse mortgage loan made to an elderly homeowner, which mortgage loan is secured by a lien on real property.
- (6) "Mortgagee" means a party who makes a loan for which she or he receives a mortgage.
- (7) "Mortgagor" means a party who receives a loan for which she or he gives a mortgage.
- (8) "Reverse mortgage" means any mortgage under the terms of which a predetermined line of credit is gradually drawn down in lump-sum or periodic payments. Such line of credit includes both a principal amount and an amount of deferred interest.
- (9) "Sponsor" means any private or public person, association, corporation, limited partnership, or other entity which offers, promotes, or finances any plan, program, or instrument for home equity conversion.
History.--s. 4, ch. 84-251; s. 1, ch. 86-267; s. 777, ch. 97-102.