Illinois Compiled Statutes 765 ILCS 945/5 – General definitions
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As used in this Act, unless the context otherwise requires:
“Borrower” means a natural person who seeks or obtains a reverse mortgage.
“Business day” means any calendar day except Saturday, Sunday, or a State or federal holiday.
“Homestead property” means the domicile and contiguous real estate owned and occupied by the borrower. “Homestead property” includes a manufactured home as defined in subdivision (53) of § 9-102 of the Uniform Commercial Code that is real property under Section 5-35 of the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act.
“Lender” means a natural or artificial person who transfers, deals in, offers, or makes a reverse mortgage. “Lender” includes, but is not limited to, creditors and brokers who transfer, deal in, offer, or make reverse mortgages. “Lender” does not include purchasers, assignees, or subsequent holders of reverse mortgages.
“Real property” includes a manufactured home as defined in subdivision (53) of § 9-102 of the Uniform Commercial Code that is real property under Section 5-35 of the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act.
“Reverse mortgage” means a non-recourse loan, secured by real property or a homestead property, that complies with all of the following:
(1) Provides cash advances to a borrower for the
“Borrower” means a natural person who seeks or obtains a reverse mortgage.
Terms Used In Illinois Compiled Statutes 765 ILCS 945/5
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
“Business day” means any calendar day except Saturday, Sunday, or a State or federal holiday.
“Homestead property” means the domicile and contiguous real estate owned and occupied by the borrower. “Homestead property” includes a manufactured home as defined in subdivision (53) of § 9-102 of the Uniform Commercial Code that is real property under Section 5-35 of the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act.
“Lender” means a natural or artificial person who transfers, deals in, offers, or makes a reverse mortgage. “Lender” includes, but is not limited to, creditors and brokers who transfer, deal in, offer, or make reverse mortgages. “Lender” does not include purchasers, assignees, or subsequent holders of reverse mortgages.
“Real property” includes a manufactured home as defined in subdivision (53) of § 9-102 of the Uniform Commercial Code that is real property under Section 5-35 of the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act.
“Reverse mortgage” means a non-recourse loan, secured by real property or a homestead property, that complies with all of the following:
(1) Provides cash advances to a borrower for the
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purchase of the home or based on the equity in a borrower’s owner-occupied principal residence, provided that it is a residence with not more than 4 units.
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(2) Requires no payment of principal or interest
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until the entire loan becomes due and payable.
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