Utah Code § 57-28-204: Independent counseling.

(1) As used in this section:

(a) "Federally insured loan borrower" means a borrower described in Subsection 57-28-202(1)(a).

(b) "Non-federally insured loan borrower" means a borrower described in Subsection 57-28-202(1)(b).

(2) A prospective borrower shall meet with an independent housing counselor:

(a) for a federally-insured loan borrower, before the Federal Housing Administration assigns a case number to the borrower's loan; and

(b) for a non-federally insured loan borrower, before the prospective borrower signs a reverse mortgage application.

(3) During the meeting described in Subsection (2):

(a) the prospective borrower and the independent housing counselor shall discuss the financial impacts of a reverse mortgage, including:

(i) options other than a reverse mortgage that are or may become available to the prospective borrower;

(ii) other home equity conversion options that are or may become available to the prospective borrower, including sale-leaseback financing, a deferred payment loan, and a property tax deferral; and

(iii) the financial implications, specific to the prospective borrower, of entering into a reverse mortgage; and

(b) the independent housing counselor shall give the prospective borrower a written disclosure that states that a reverse mortgage may:

(i) have tax consequences;

(ii) affect the prospective borrower's eligibility for assistance under certain state and federal programs; and

(iii) impact the prospective borrower's estate and heirs.