Living Trust (applicable to HECMs only)

Living Trust (applicable to HECMs only)

Living Trust refers to a type of trust that is created and takes effect during the creator’s lifetime and may be amended or revoked at any time by the person or persons who created it. Loan (applicable to Title I only) of a Borrower who promises to repay the principal amount of such Disbursement or advance, plus interest, if any, at a stated annual rate over time, with the Borrower's obligation evidenced by the Borrower's execution of a Note. A Loan also refers to a purchase by a Lender of a Note evidencing such obligation, or a refinancing of an existing obligation with or without an additional Disbursement of proceeds or advance of credit.