P.R. Laws tit. 7, § 3061
For purposes of this chapter, the following terms shall have the meaning stated hereinbelow:
(a) Reverse mortgage.— A loan secured by the equity in a real property that serves as main residence, which does not require repayment of principal or interest until the borrower no longer uses such housing unit as his/her main residence or breaches any of the terms and conditions set forth in the contract.
(b) Lending institution or Lender.— Any bank or lending institution organized or operating under the laws of Puerto Rico, the United States or any state or territory of the United States or a foreign country, which offers and originates reverse mortgage loans. It shall also include savings and credit unions that operate under the pertinent laws, and which offer and originate reverse mortgage loans.
(c) Applicant or borrower.— Any natural person 62 years of age or older who has an interest as an individual or as part of a community property over the property that secures the reverse mortgage loan.
(d) Counselor.— Any entity duly authorized by the U. S. Department of Housing and Urban Development (HUD) or any individual counselor duly accredited by HUD to provide information sessions as required for reverse mortgage applicants. Counselors shall be independent from financial institutions and be free from conflicts of interest.
History —July 29, 2011, No. 164, § 2, eff. 60 days after July 29, 2011; July 20, 2012, No. 143, § 1.