57-28-202. Borrower requirements. A borrower shall:
| (1) |
Terms Used In Utah Code 57-28-202- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
| (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. § 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
