Title 57, Title 57: Real Estate

57-28-204. Independent counseling. (1) As used in this section: "Federally insured loan borrower" means a borrower described in Subsection. 57-28-202(1)(a) "Non-federally insured loan borrower" means a borrower described in Subsection. 57-28-202(1)(b) (2) A prospective borrower s…

57-28-205. Costs and repayment. A lender may collect the following charges and fees in connection with the origination of a reverse mortgage: (1) the actual expenses that the lender incurs in originating and closing the reverse mortgage, including a mortgage broker's fee if the m…

57-28-206. Disbursement. (1) Subject to Subsectionand except as provided in Subsection, a lender shall pay the loan proceeds of a reverse mortgage under a term payment option, a tenure payment option, or a line of credit payment option. (2) (3) (2) Under a term payment option or …

57-28-207. Cooling off period -- Closing. (1) After a prospective borrower accepts, in writing, a lender's written commitment to make a reverse mortgage, the lender may not bind the prospective borrower to the reverse mortgage earlier than five days after the day on which the pro…

57-28-208. Federally insured reverse mortgages. When a lender makes a reverse mortgage that is federally insured by the United States Department of Housing and Urban Development, the lender satisfies the requirements described in Sectionsthroughif the lender complies with the fed…

57-28-301. Title. This part is known as "Reverse Mortgage Proceeds, Priority, Foreclosure, and Lender Default."

57-28-302. Treatment of loan proceeds -- Effect on assistance eligibility. For purposes of determining a borrower's eligibility and benefits for a means-tested program of aid to individuals: (1) a reverse mortgage loan payment made to a borrower shall be treated as proceeds from …

57-28-303. Priority. (1) All amounts secured by a reverse mortgage have the same lien priority as the first disbursement under the reverse mortgage. (2) For purposes of Subsection, the amount secured by the reverse mortgage includes any payment to the borrower from the loan proce…

57-28-304. Foreclosure. (1) Except as provided in Subsection, before a person initiates foreclosure proceedings on a reverse mortgage, the person shall: (2) send the borrower, by certified mail, return receipt requested, written notice that states the grounds for default and fore…

57-28-305. Lender default. (1) A lender who fails to make a loan advance on a non-federally insured reverse mortgage in accordance with the reverse mortgage agreement shall forfeit any right to repayment of the outstanding loan balance. (2) After a lender forfeits the lender's ri…