57-28-202. Borrower requirements.
80 words·~1 min read·
/ut/title-57/chapter-28/57-28-202A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/3/2023
57-28-202. Borrower requirements.
A borrower shall:
(a)for a home equity conversion mortgage insured by the Federal Housing Administration under Title 1 of the National Housing Act, 12 U.S.C. Sec. 1715z-20, be 62 years old or older; and
(b)for proprietary loans not insured by the Federal Housing Administration, be 55 years old or older; and
(2)occupy the dwelling that secures the reverse mortgage as a principal residence.
Amended by Chapter 385 , 2023 General Session