Terms Used In Illinois Compiled Statutes 20 ILCS 3805/7.27

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
     The Authority may offer non-recourse reverse mortgage loans to qualified borrowers with the same restrictions and requirements as prescribed in § 6.1 of the Illinois Banking Act. The Authority may seek funds from the Federal Home Loan Bank of Chicago to fund reverse mortgage loans made under this Section. Reverse mortgage loans may be made under terms which qualify the loans for purchase by the Federal National Mortgage Association.
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