Virginia Law

The following words and terms, when used in this chapter, shall have the following meaning, unless the context clearly indicates otherwise:

"Applicant" means a person or family, as defined in the authority's rules and regulations, who submits an application for a home equity account. An applicant may be an individual applicant or a joint applicant, as defined herein.

"Application" means a request to the authority by an applicant for a home equity account.

"Application date" means the date on which a completed application is received by the authority.

"Appraised value" means the value of a home as determined by an independent fee appraiser retained by the authority.

"Area agency on aging" or "AAA" means one of the local area agencies on aging which have been established on a local and regional basis throughout the Commonwealth pursuant to § 2.1-373 of the Code of Virginia.

"Area median income" means the area median income, adjusted for family size, for areas within the Commonwealth as established and published from time to time by the United States Department of Housing and Urban Development.

"Assessed value" means the value of the home as determined by the real estate assessment office of the local government body for tax purposes. The applicable assessed value shall be that value which is in effect as of the application date.

"Borrower" means a person or family, as defined in the authority's rules and regulations, to whom a home equity account loan is made by the authority. If a home equity account loan is made to more than one individual, such individuals are sometimes referred to herein as joint borrowers.

"Eligible applicant" means an applicant who satisfies the criteria set forth in Part II of this chapter (13VAC10-150-30 et seq.).

"Equity payment" means a loan disbursement made by the authority to a borrower pursuant to an equity payment request.

"Equity payment request" means a request completed and signed by a borrower for the purpose of requesting an equity payment by the authority pursuant to the borrower's home equity account. Such payment request shall be on such form as prescribed by the authority and shall be mailed or delivered to the authority.

"Home" means single family residential housing, as defined in the Act, which meets the requirements set forth in Part III of this chapter (13VAC10-150-40 et seq.).

"Home equity account" means a line of credit made available by the authority to an eligible applicant which is secured by a first mortgage lien upon the applicant's home and, pursuant to which the authority agrees to make equity payments to the applicant in accordance with the applicant's equity payment requests, in amounts not to exceed the maximum established therefor and in accordance with the terms and conditions set forth in Part IV of this chapter (13VAC10-150-80 et seq.).

"Home equity account loan" means the disbursements of equity payments to be repaid, together with interest thereon, as provided in these rules and regulations.

"Income" means gross family income as defined in the authority's rules and regulations, including all salary, wages, bonuses, commissions, income from self employment, interest, dividends, alimony, rental income, pensions, business income, annuities, social security payments, cash public assistance, support payments, retirement income and any other sources of cash income which are being received by the applicant as of the application date. All such earnings, provided they are not temporary, shall be computed on an annual basis to determine income for the purpose of program eligibility.

"Individual applicant" means a single person who submits an application pursuant to these rules and regulations.

"Joint applicant" means any two or more persons who submit an application pursuant to these rules and regulations.

"Maximum amount available under the home equity account" shall mean the maximum principal amount which may be outstanding at any time under the home equity account.

"Program" means the Virginia senior home equity account program as described in these rules and regulations.

"Value of home" or "home value" means the fair market value of the home as determined by the authority in accordance with these rules and regulations.