Arizona Arizona Revised Statutes

§ 6-1701 — Definitions

ARS § 6-1701Title 6. Banks and Financial Institutions · Ch. 17. REVERSE MORTGAGES · Art. 1. General Provisions

Statute text

6-1701. Definitions In this chapter, unless the context otherwise requires: 1. "Agreement" means the document that on execution obligates the borrower and originator under the reverse mortgage. 2. "Dwelling" means a residence that is designed principally for at least one and not more than four families in which the borrower occupies at least one of the units. 3. "Housing counseling agency" means an agency that is approved by the United States department of housing and urban development to provide reverse mortgage counseling. 4. "Originator" means a person who regularly makes or brokers reverse mortgages, including a creditor or broker. 5. "Reverse mortgage" means a nonrecourse consumer credit obligation to which all of the following apply:

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