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The Florida Statutes

The 2001 Florida Statutes

Title XL
Real And Personal Property
Chapter 697
Instruments Deemed Mortgages And The Nature Of A Mortgage
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Section 697.202, Florida Statutes 2001

697.202  Definitions of terms used in ss. 697.20-697.206.--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.

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