W. Va. Code R. § 106-19-3

Current through Register Vol. XLI, No. 36, September 6, 2024

Section 106-19-3 - Definitions

3.1. "Affiliated." - When used in connection with a financial institution, means any company which controls, is controlled by, or is under common control with that financial institution or is the ultimate parent holding company of that financial institution.

3.2."Authorized Lender" or "Lender" B Means any bank, savings institution, or credit union in West Virginia or any eligible licensed financial affiliate thereof which is approved by the Commissioner of Banking to make reverse mortgages.

3.3. "Mortgagor." B Refers to a tenant who is sixty-two (62) years of age or older, or if the real property is held by tenants by the entirety or by joint tenancy, the youngest of whom is at least sixty-two (62) years of age, who own their own home free and clear or with insubstantial outstanding debt encumbering their real estate.

3.4. "Nonrecourse Loan." - When used in connection with a reverse mortgage loan, means that the only asset of the estate which may be used by the lender to satisfy the loan is the real property securing the loan and any limitation thereon as may be provided for through equity participation. Since by statutory definition in W. Va. Code ' 47-24-3, a reverse mortgage is a nonrecourse loan, no deficiency judgment may be sought or granted in any civil action involving a reverse mortgage.

3.5. "Tenure Loan." - Means a loan which has no set term for maturity, but rather is scheduled to become due upon the death of all mortgagor(s) so long as they maintain the secured property as their principal residence.

W. Va. Code R. § 106-19-3