§ 561.23 - Home mortgage.

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The term home mortgage means a mortgage on real estate in fee simple, or on a leasehold of:

(a) Not less than 99 years which is renewable or

(b) Not less than 50 years from the date the mortgage was executed, which comprises one or more homes or other dwelling units, including first mortgages, real estate sales contracts, and other classes of first liens commonly given to secure advances on real estate by financial institutions in the State where the real estate is located which are authorized under the Federal Home Loan Bank Act to become members of a Federal Home Loan Bank, together with any credit instrument secured thereby.

                    
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