{"data":{"id":"us-ut/utah-code-57-28-204","jurisdiction":"us-ut","citation":"Utah Code § 57-28-204","heading":"Independent counseling.","body":"(1) As used in this section:\n(a) \"Federally insured loan borrower\" means a borrower described in Subsection 57-28-202(1)(a).\n(b) \"Non-federally insured loan borrower\" means a borrower described in Subsection 57-28-202(1)(b).\n(2) A prospective borrower shall meet with an independent housing counselor:\n(a) for a federally-insured loan borrower, before the Federal Housing Administration assigns a case number to the borrower's loan; and\n(b) for a non-federally insured loan borrower, before the prospective borrower signs a reverse mortgage application.\n(3) During the meeting described in Subsection (2):\n(a) the prospective borrower and the independent housing counselor shall discuss the financial impacts of a reverse mortgage, including:\n(i) options other than a reverse mortgage that are or may become available to the prospective borrower;\n(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\n(iii) the financial implications, specific to the prospective borrower, of entering into a reverse mortgage; and\n(b) the independent housing counselor shall give the prospective borrower a written disclosure that states that a reverse mortgage may:\n(i) have tax consequences;\n(ii) affect the prospective borrower's eligibility for assistance under certain state and federal programs; and\n(iii) impact the prospective borrower's estate and heirs.","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-S204.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"c4a226572555a3e346dc9ab14de1930745aa88af21f148d2e8eae7a895e02a3c","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-57-28-203","next":"us-ut/utah-code-57-28-205"},"notice":"GroundRules: Original legal text. Not legal advice."}