{"data":{"id":"us-vt/8-v.s.a.-10701","jurisdiction":"us-vt","citation":"8 V.S.A. § 10701","heading":"Definitions","body":"As used in this subchapter:\n(1) Financial institution. “Financial institution” means a financial institution as defined in subdivision 10202(5) of this chapter.\n(2) Reverse mortgage loan. “Reverse mortgage loan” means a loan that:\n(A) is a loan in which the committed principal amount is secured by a mortgage on residential property owned by the borrower;\n(B) is due upon sale of the property securing the loan or upon the death of the last surviving borrower or upon the borrower terminating use of the real property as a principal residence or upon the borrower’s default;\n(C) provides cash advances to the borrower based upon the equity or the value in the borrower’s owner-occupied principal residence; and\n(D) requires no payment of principal or interest until the entire loan becomes due and payable.","path":["Title 8: Banking and Insurance","Chapter 200: Consumer Protection","Subchapter 007: REVERSE MORTGAGES"],"source_url":"https://legislature.vermont.gov/statutes/section/08/200/10701","current_through":"2025 session","vintage":"","retrieved_at":"2026-09-05T14:03:21Z","sha256":"bcfd8d28c2928aad9cb349d851860cb363d4d65dfaa9cddfd36845a6c814f94a","source_id":"us-vt","stale":false,"prev":"us-vt/8-v.s.a.-10603","next":"us-vt/8-v.s.a.-10702"},"notice":"GroundRules: Original legal text. Not legal advice."}