(a)(1) “Real estate loan” setting financing secure of the an initial financial on one, two, three or four household members, owner-occupied residential houses;
(2) “Fundamental home mortgage” means a mortgage loan authorized by the point 36a-261 or area 36a-457b to the Connecticut lender or Connecticut borrowing union while making particularly loan;
(3) “Alternative home mortgage” setting an interest rate which is an opposite annuity mortgage loan or finished fee mortgage loan, aside from a simple real estate loan;
(4) “Contrary annuity real estate loan” setting an interest rate in which mortgage proceeds is actually cutting-edge to help you the fresh new mortgagors, in the installment payments, possibly really otherwise ultimately, and you can and therefore including delinquent notice, or no, is going to be paid down in accordance with subdivision (2) regarding subsection (e) regarding the point; and you can
(5) “Graduated fee mortgage” mode an interest rate, besides a simple home loan, in which principal and you can attention costs, if any, therefore the and come up with out-of even more advances, or no, are designed to reflect the goal broadening otherwise coming down earnings regarding the fresh mortgagor.
(b) Regardless of various other supply of the standard legislation, Connecticut banks and you will Connecticut borrowing unions may make alternative mortgages according to that it point. Absolutely nothing within point would be construed so you can ban a good Connecticut bank otherwise Connecticut borrowing connection out of and then make people mortgage that’s maybe not an alternative mortgage, given such as loan otherwise complies on the standard regulations. (more…)