As used in this article, unless the context otherwise requires:
"Borrower" means the person receiving cash advances pursuant to the terms of andobligated for repayment of a reverse mortgage. "Person" includes plural as well as singular.
"Independent counseling" means counseling by a person unaffiliated with the lender,including but not limited to a housing counseling agency approved by the United States department of housing and urban development.
"Lender" means a bank, savings and loan association, or credit union organized under the laws of the United States or the state of Colorado or a person who regularly makes loans or advances secured by interests in residential real property.
"Reverse mortgage" means a written instrument evidencing or creating a nonrecourseloan secured by real property which:
Provides cash advances, whether in the form of a lump sum, periodic payments, aline of credit, or other similar methods, or a combination thereof, to a borrower based on the equity in the borrower's owner-occupied principal residence, which periodic payments may be derived from an annuity purchased with such cash advances;
Requires no partial or other payment of principal or interest until the entire loanbecomes due and payable; and
Is made by any lender as defined in subsection (3) of this section.
Source: L. 92: Entire article added, p. 939, § 1, effective April 23.