Indiana Code 28-15-11-9. “Reverse annuity mortgage loan” or “RAM loan”
Current as of: 2023 | Check for updates
|
Other versions
Sec. 9. As used in this chapter, “reverse annuity mortgage loan” or “RAM loan” means a mortgage loan that:
(2) becomes due either:
(1) provides periodic payments to the borrower based on the accumulated equity in the real estate securing the loan, with payments made directly by the lender or through the purchase of an annuity from an insurance company; and
Terms Used In Indiana Code 28-15-11-9
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(A) at a specified date; or
(B) on the occurrence of a specified event, such as a sale of the real estate securing the loan or the death of the borrower.
As added by P.L.193-1997, SEC.2.