57-28-206. Disbursement.
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Effective 5/12/2015
57-28-206. Disbursement.
(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.
Enacted by Chapter 290 , 2015 General Session