GroundRules
Utah Code § 57-28-206: Disbursement.
Where this section sits in the code
- Title 57 Real Estate
- Chapter 57-28 Utah Reverse Mortgage Act
- Part 57-28-2 Reverse Mortgage Requirements
(1) Subject to Subsection (2) and except as provided in Subsection (3), 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) Under a term payment option or a tenure payment option, upon a borrower's request, the lender shall disburse a portion of the loan proceeds under a line of credit payment option.
(3) If a reverse mortgage is a fixed interest rate loan, the lender may pay the loan proceeds in a lump sum.
Collected 2026-09-03T11:34:33Z. Source file · JSON