The following terms have the meanings indicated. Terms Defined. “Act” means Housing and Community Development Article, Title 4, Subtitle 8, Annotated Code of Maryland, as amended. “Borrower” means an applicant who receives a loan through the Program. “Closing costs” may include: Fees or premiums for title examination, title insurance, or similar expenses; Fees for preparation of a deed, settlement statement, or other documents; Payments owed at the time of the loan closing for property taxes, hazard insurance premiums, or ground rent; Fees for notarizing deeds and other documents; Appraisal and survey fees; Recordation taxes and fees; Fees or premiums for mortgage insurance; Loan application fees; Reasonable legal fees; Payoff of prior liens or mortgages; and Other closing costs as approved by the Program. “Department” means the Maryland Department of Housing and Community Development, a principal department of the State. “Equity payment” means a loan disbursement made by the Department to a borrower. “Home”: Means the real property which secures the loan and otherwise fulfills the requirements of Regulation .05; Includes the residential dwelling unit, the lot upon which the residential dwelling unit sits, and the accompanying rights to occupy or use other real property in connection with ownership of the home. “Household” means the individual or individuals who occupy the home. “Household income” means 100 percent of the projected annual gross income, based on income for the year preceding the loan application, from all members of the borrower's household 18 years old or older, including social security, retirement income, pensions, wages, overtime, bonuses, commissions, investment and interest income, rental income, imputed income from non-income producing assets other than the borrower's home when the total value exceeds $20,000, disability or unemployment insurance, alimony and support payments, and all other income from any sources, less: Unreimbursable medical expenses, and health or long term care expenses that enable the borrower to remain in the home, including but not limited to: Adult day care, Attendant care, Durable medical equipment, Health, supplemental medicare, or other long term care insurance premiums, Home health care, Hospice care, Housekeeping assistance, Nursing home expenses for a temporary stay for a borrower, Prescription drugs; and Unusual or temporary income items as approved by the Program. “Joint borrower” means a borrower who receives a loan along with one or more other borrowers, all of whom together own the home. “Loan” means a loan made by the Department to a borrower through the Program and secured by the home. “Manufactured home” means a structure that: Is intended for residential use by a single household; Is a multisectional structure fabricated after June 14, 1976, in an off-site manufacturing facility for installation or assembly at the building site; Is not less than 24 feet in width and 40 feet in length; Is installed permanently on an engineered foundation in conformance with the BOCA National Building Code (1990), which is incorporated by reference under COMAR 05.02.01, or the standards set by the American Standards Institute, Inc., which are incorporated by reference under COMAR 05.02.02, and is not independently capable of movement; Has brick, wood, aluminum, or cosmetically equivalent exterior siding and a pitched composition shingle or wood shake roof; Is certified by the United States Department of Housing and Urban Development as a manufactured home in accordance with the National Manufactured Housing Construction and Safety Standards Act of 1974, as amended, or by the Department as an industrialized building in accordance with Public Safety Article, §12-308, Annotated Code of Maryland, and complies with all requirements set forth in COMAR 05.02.04; Is installed on real property the borrower owns in fee simple or under a freely transferable ground rent lease, and the legal title to the improvements runs with the real property; Meets all applicable zoning requirements as to number of dwelling units, lot size, and building setbacks; and Is reasonably expected to have an economic life equal to or greater than the term of the mortgage. “Program” means the Reverse Equity Mortgage Program. “Secretary” means the Secretary of the Department.