Minnesota Administrative Rules
Agency 148 - Housing Finance Agency
Chapter 4900 - HOUSING LOANS AND GRANTS
HOME EQUITY CONVERSION COUNSELING PROGRAM
Part 4900.2030 - DEFINITIONS

Subpart 1. Scope.

For the purposes of parts 4900.2020 to 4900.2070, the following terms have the meanings given them.

Subp. 2. Agency.

"Agency" means the Minnesota Housing Finance Agency.

Subp. 3. Applicant.

"Applicant" means one or more entities that submit an application to the agency for a grant under the home equity conversion counseling program.

Subp. 4. Application.

"Application" means a submittal requesting a grant to pay the cost of providing counseling services regarding home equity conversion for senior homeowners.

Subp. 5. Client.

"Client" means senior homeowners who receive home equity conversion counseling services.

Subp. 6. Home equity conversion.

"Home equity conversion" means plans where homeowners convert equity in their homes into spendable funds while still retaining title to the homes. The funds do not have an obligation of immediate repayment.

Subp. 7. Program.

"Program" means the home equity conversion counseling program.

Subp. 8. Senior homeowners.

"Senior homeowners" means homeowners of whom at least one is 62 years of age, or homeowners as may be defined in home equity conversion programs sponsored or supported by local, state, or federal government and primarily designed for use by senior or elderly homeowners.