Utah § 57-28-207 Cooling off period -- Closing.

Utah Statutes

§ 57-28-207 — Cooling off period -- Closing.

Utah § 57-28-207

Title 57Real Estate

Ch. 57-28Utah Reverse Mortgage Act

Part 57-28-2Reverse Mortgage Requirements

This text of Utah § 57-28-207 (Cooling off period -- Closing.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 57-28-207 (2026).

Text

(1)After a prospective borrower accepts, in writing, a lender's written commitment to make a reverse mortgage, the lender may not bind the prospective borrower to the reverse mortgage earlier than five days after the day on which the prospective borrower gives the written acceptance to the lender.

(2)During the five-day period described in Subsection (1), the lender may not require the prospective borrower to close or otherwise proceed with the reverse mortgage.

(3)A prospective borrower may not waive the provisions of this section.

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(1) After a prospective borrower accepts, in writing, a lender's written commitment to make a reverse mortgage, the lender may not bind the prospective borrower to the reverse mortgage earlier than five days after the day on which the prospective borrower gives the written acceptance to the lender.
(2) During the five-day period described in Subsection (1), the lender may not require the prospective borrower to close or otherwise proceed with the reverse mortgage.
(3) A prospective borrower may not waive the provisions of this section.