For the purposes of 209 CMR 55.00 the following definitions apply:
Commissioner, the Commissioner of Banks.
Counselor, an individual employed by a Third Party Organization that provides reverse mortgage counseling to Mortgagors through a program that has been approved by the Executive Office of Elder Affairs.
Mortgagee, any and all lenders, including but not limited to state or federally chartered financial institutions, licensed lenders, individuals or corporations who make a loan secured by a mortgage or lien on residential real estate.
Mortgagor, an applicant for a reverse mortgage who at the time of application: (1) has a gross income of less than 50 percent of the area median income, as periodically determined by the United States Department of Housing and Urban Development; and (2) possesses assets, excluding a primary residence, valued at less than $120,000.
Residential Property, a 1 to 4 family dwelling owned and occupied in whole or in part by the mortgagor and located in the Commonwealth.
Reverse Mortgage Loan, a loan to an owner, at least 60 years of age, of real estate secured by a mortgage, deed of trust, or equivalent consensual security interest on residential property securing one or more advances; and any principal, interest, or shared appreciation or equity is due and payable (other than in the case of default): at the end of a fixed term, if any; after the consumer dies; the dwelling is transferred; or the consumer ceases to occupy the dwelling as a principal dwelling.
Third Party Organization, an Organization that provides reverse mortgage counseling pursuant to a program that has been approved by the Executive Office of Elder Affairs as published from time to time and made available to the public pursuant to M.G.L. c. 167E, Section 7(e) and M.G.L. c. 171, Section 65C(f).