Utah Statutes
§ 57-28-206 — Disbursement.
Utah·Title 57 Real Estate·Ch. 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.
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Legislative History
Enacted by Chapter 290, 2015 General Session
Nearby Sections
15
§ 57-1-1
Definitions.§ 57-1-10
After-acquired title passes.§ 57-1-12
Form of warranty deed -- Effect.§ 57-1-12.5
Form of special warranty deed -- Effect.§ 57-1-13
Form of quitclaim deed.§ 57-1-14
Form of mortgage -- Effect.§ 57-1-19
Trust deeds -- Definitions of terms.