Terms Used In Utah Code > Title 57 > Chapter 28 - Utah Reverse Mortgage Act

• Appraisal: A determination of property value.
• Board: means the Board of Aging and Adult Services created in Section 26B-1-426. See Utah Code 26B-6-101
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Division: means the Division of Aging and Adult Services within the department. See Utah Code 26B-6-101
• Executive director: means the executive director of the department appointed under Section 26B-1-203. See Utah Code 26B-1-102
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Person: means :Utah Code 68-3-12.5
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• Writing: includes :Utah Code 68-3-12.5