Terms Used In Montana Code > Title 90 > Chapter 6 > Part 5 - Reverse Annuity Mortgage Loan

• 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.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage: means a mortgage as defined in 90-6-103. See Montana Code 90-6-503
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagee: means the holder of a mortgage or its assignee. See Montana Code 90-6-503
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Mortgagor: means a person:

  (a)who is of lower income as determined by the board. See Montana Code 90-6-503

• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• Property: means real and personal property. See Montana Code 1-1-205
• Reverse annuity mortgage loan: means a loan in which loan proceeds are advanced to the mortgagor to provide a monthly tax-free cash payment for 10 years. See Montana Code 90-6-503
• Single-family dwelling: means a one- to four-family living unit. See Montana Code 90-6-503
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201