§ 5/15-1207 Mortgage

Codes > Illinois Compiled Statutes > Chapter 735 > Act 5 : Article XV > Part 12 : 5/15-1207 Mortgage

§ 15-1207. Mortgage.

    “Mortgage” means any consensual lien created by a written instrument which grants or retains an interest in real estate to secure a debt or other obligation. The term “mortgage” includes, without limitation:

    (a) mortgages securing “reverse mortgage” loans as authorized by subsection (a) of Section 5 of the Illinois Banking Act; [FN1]

    (b) mortgages securing “revolving credit” loans as authorized by subsection (c) of Section 5 of the Illinois Banking Act, [FN2] Section 1-6b of the Illinois Savings and Loan Act [FN3] and Section 46 of the Illinois Credit Union Act; [FN4]

    (c) every deed conveying real estate, although an absolute conveyance in its terms, which shall have been intended only as a  security in the nature of a mortgage;

    (d) equitable mortgages; and

    (e) instruments which would have been deemed instruments in the nature of a mortgage prior to the effective date of this amendatory Act of 1987.

    [FN1] Should read “Section 5a”. See 205 ILCS 5/5a.

    [FN2] Should read “Section 5d”. See 205 ILCS 5/5d.

    [FN3] 205 ILCS 105/1-6b.

    [FN4] 205 ILCS 305/46.