Terms Used In Louisiana Revised Statutes > Title 6 > Chapter 14 > Part IV - Reverse Mortgage Loans

• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Conventional reverse mortgage loan: means a reverse mortgage loan other than a program reverse mortgage loan. See Louisiana Revised Statutes 6:1083
• Default: means nonpayment of two consecutive payments on the date due. See Louisiana Revised Statutes 6:965
• 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}
• Person: means any individual, firm, corporation, partnership, association, trust, or legal or commercial entity, or other group of individuals however organized. See Louisiana Revised Statutes 6:1083
• Personal property: All property that is not real property.
• Reverse mortgage loan: means a nonrecourse loan secured by immovable property that meets all of the following criteria:

  (a)  The loan provides purchase money proceeds for the acquisition by a borrower of a domicile to be inhabited by the borrower as his principal domicile or cash advances to a borrower based on the equity or the value in a borrower's inhabited principal domicile. See Louisiana Revised Statutes 6:1083

• State: means any state of the United States, the District of Columbia, or any territory of the United States including Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. See Louisiana Revised Statutes 6:1083