{"data":{"id":"us-ut/utah-code-57-28-203","jurisdiction":"us-ut","citation":"Utah Code § 57-28-203","heading":"Disclosures to borrower.","body":"A lender shall give a prospective borrower or a borrower the following written disclosures:\n(1) at the time the lender provides an application for a reverse mortgage to a prospective borrower:\n(a) a disclosure that explains any adjustable interest rate feature of the reverse mortgage, including:\n(i) the circumstances under which the interest rate may increase;\n(ii) any limitation on the amount that the interest rate may increase; and\n(iii) the effect of an increase in the interest rate; and\n(b) a list of at least five independent housing counselors that includes each independent housing counselor's name, address, and telephone number;\n(2) at least 10 days before the day on which a reverse mortgage closes, a disclosure that describes:\n(a) that the prospective borrower's liability under the reverse mortgage is limited;\n(b) the prospective borrower's rights, obligations, and remedies that relate to:\n(i) temporary absences, late payments, and payment default by the lender; and\n(ii) each condition that requires satisfaction of the reverse mortgage; and\n(c) the projected total cost of the reverse mortgage to the prospective borrower, based on the projected total future loan balance;\n(3) on an annual basis, on or before January 31 of each year, a statement that summarizes:\n(a) the total principal amount paid to the borrower under the reverse mortgage;\n(b) the total amount of deferred interest added to the principal; and\n(c) the outstanding loan balance at the end of the preceding year; and\n(4) if applicable, at least 25 days before the day on which the lender adjusts the interest rate on a reverse mortgage, a disclosure that states:\n(a) the current index amount;\n(b) the publication date of the index; and\n(c) the new interest rate.","path":["Title 57 Real Estate","Chapter 57-28 Utah Reverse Mortgage Act","Part 57-28-2 Reverse Mortgage Requirements"],"source_url":"https://le.utah.gov/xcode/Title57/Chapter28/57-28-S203.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"0c508cb043f985503ca56da11a018282a2a2d7feeaad9f8a22b6458ac8693842","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-57-28-202","next":"us-ut/utah-code-57-28-204"},"notice":"GroundRules: Original legal text. Not legal advice."}