{"data":{"id":"us-wa/rcw-31.04.505","jurisdiction":"us-wa","citation":"RCW 31.04.505","heading":"Definitions.","body":"The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.\n(1) \"FHA-approved reverse mortgage\" means a \"home equity conversion mortgage\" or other reverse mortgage product guaranteed or insured by the federal department of housing and urban development.\n(2) \"Owner-occupied residence\" is the borrower's residence and includes a life estate property the legal title for which is held in the name of the borrower in a reverse mortgage transaction or in the name of a trust, provided the occupant of the property is the beneficiary of that trust.\n(3) \"Proprietary reverse mortgage loan\" is any reverse mortgage loan product that is not a home equity conversion mortgage loan or other federally guaranteed or insured loan.\n(4) \"Reverse mortgage broker or lender\" means a licensee under the Washington state consumer loan act, chapter 31.04 RCW, or a person exempt from licensing pursuant to federal law.\n(5) \"Reverse mortgage loan\" means a nonrecourse consumer credit obligation in which:\n(a) A mortgage, deed of trust, or equivalent consensual security interest securing one or more advances is created in the borrower's dwelling;\n(b) Any principal, interest, or shared appreciation or equity is due and payable, other than in the case of default, only after:\n(i) The consumer dies;\n(ii) The dwelling is transferred; or\n(iii) The consumer ceases to occupy the dwelling as a dwelling; and\n(c) The broker or lender is licensed under Washington state law or exempt from licensing under federal law.","path":["Title 31","Chapter 31.04"],"source_url":"https://app.leg.wa.gov/rcw/default.aspx?cite=31.04.505","current_through":"July 15, 2026","vintage":"","retrieved_at":"2026-09-06T01:25:29Z","sha256":"147ea425e2c4a3fa6f7588fd98b2f8c1e28b9b7a228b1ba89aea3b608d54db2b","source_id":"us-wa","stale":false,"prev":"us-wa/rcw-31.04.500","next":"us-wa/rcw-31.04.510"},"notice":"GroundRules: Original legal text. Not legal advice."}