Terms Used In Tennessee Code > Title 18 > Chapter 1 > Part 4 - Vacancy in Office

• 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
• Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
• Commissioner: means the commissioner of financial institutions. See Tennessee Code 47-30-102
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• 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.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• 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
• Fannie Mae Reverse Mortgage Loan: means any reverse mortgage loan which complies with Fannie Mae guidelines and is purchased or securitized by Fannie Mae including a Home Keeper Mortgage Loan. See Tennessee Code 47-30-102
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Home equity conversion mortgage loan: means a loan for a definite or indefinite term:
  (A) Secured by a first mortgage or first deed of trust on the principal residence of the mortgagor. 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}
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• 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
• Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• 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
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Savings and loan association: includes a building and loan association, a federal or state savings and loan association, a federal savings bank, and any other financial institution, the accounts of which are insured by the [former] federal savings and loan insurance corporation (FSLIC) or any successor [repealed] of such corporation. See Tennessee Code 1-3-105
• Securitized: means converting mortgages or deeds of trust into securities that may be purchased by investors. See Tennessee Code 47-30-102
• State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105