528.2 Definitions. As used in this chapter, unless the context otherwise requires:1. 'Administrator' means the superintendent of banking and the superintendent of credit unions within the department of insurance and financial services. 2. 'Alternative mortgage loan' means a mortgage loan which is a reverse annuity mortgage loan or graduated payment mortgage loan. 3. 'Financial institution' means financial institution as defined in section 535A.1.4. 'Graduated payment mortgage loan' means a mortgage loan in which principal and interest payments, if any, and the making of additional advances, if any, are scheduled toreflect the prospective increasing or decreasing income of the mortgagor. 5. 'Mortgage loan' means a loan secured by a first mortgage on one, two, three, or four family, owner-occupied residential real property. 6. 'Reverse annuity mortgage loan' means a mortgage loan in which either the loan proceeds are used to purchase an annuity with the annuity proceeds to be advanced to themortgagors, or the loan proceeds are directly advanced to the mortgagors, in ten or moreinstallments, either directly or indirectly, and which together with unpaid interest, if any, areto be ed to themortgagors, or the loan proceeds are directly advanced to the mortgagors, in ten or moreinstallments, either directly or indirectly, and which together with unpaid interest, if any, areto be repaid in accordance with section 528.7. 89 Acts, ch 267, §2; 2012 Acts, ch 1017, §125; 2023 Acts, ch 19, §2743Subsection 1 amended Sat Dec 23 01:30:50 2023 Iowa Code 2024, Section 528.2 (17, 1)
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