Iowa Code 16.53 – Residential reverse annuity mortgage model program
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Iowa Code 16.53
- 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.
- Authority: means the Iowa finance authority created in section 16. See Iowa Code 16.1
The authority may develop a model reverse annuity mortgage conforming to the requirements of this chapter, and may offer reverse annuity mortgages to qualified participants.