Sec. 9. As used in this chapter, "reverse annuity mortgage loan" or "RAM loan" means a mortgage loan that:
(1) provides periodic payments to the borrower based on the accumulated equity in the real estate securing the loan, with payments made directly by the lender or through the purchase of an annuity from an insurance company; and
(2) becomes due either:
(A) at a specified date; or
(B) on the occurrence of a specified event, such as a sale of the real estate securing the loan or the death of the borrower.
As added by P.L.193-1997, SEC.2.
Structure Indiana Code
Title 28. Financial Institutions
Article 15. Savings Associations
Chapter 11. Alternative Mortgage Loans of Savings Associations
28-15-11-1. "Adjustable Mortgage Loan"
28-15-11-2. "Alternative Mortgage Loan"
28-15-11-4. "Federal Savings Association"
28-15-11-5. "Graduated Payment Mortgage Loan"
28-15-11-7. "Money Cost Index"
28-15-11-9. "Reverse Annuity Mortgage Loan" or "Ram Loan"
28-15-11-10. "Rollover Mortgage"
28-15-11-11. "Standard Mortgage Loan"
28-15-11-12. Regulation of Graduated Payment Mortgage Loans
28-15-11-14. Regulation of Adjustable Mortgage Loans
28-15-11-15. Restrictions on Graduated Payment Adjustable Mortgage Loans
28-15-11-16. Regulation of Rollover Mortgage Loans
28-15-11-17. Alternative Mortgage Loans; Required Disclosures
28-15-11-18. Inapplicability of Indiana Laws; Interest Added to Principal; Lien Provided by Mortgage