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Utah Code Title 57. Real Estate § 57-28-203. Disclosures to borrower

Current as of January 01, 2025 | Updated by Findlaw Staff

A lender shall give a prospective borrower or a borrower the following written disclosures:

(1) at the time the lender provides an application for a reverse mortgage to a prospective borrower:

(a) a disclosure that explains any adjustable interest rate feature of the reverse mortgage, including:

(i) the circumstances under which the interest rate may increase;

(ii) any limitation on the amount that the interest rate may increase; and

(iii) the effect of an increase in the interest rate; and

(b) a list of at least five independent housing counselors that includes each independent housing counselor's name, address, and telephone number;

(2) at least 10 days before the day on which a reverse mortgage closes, a disclosure that describes:

(a) that the prospective borrower's liability under the reverse mortgage is limited;

(b) the prospective borrower's rights, obligations, and remedies that relate to:

(i) temporary absences, late payments, and payment default by the lender; and

(ii) each condition that requires satisfaction of the reverse mortgage; and

(c) the projected total cost of the reverse mortgage to the prospective borrower, based on the projected total future loan balance;

(3) on an annual basis, on or before January 31 of each year, a statement that summarizes:

(a) the total principal amount paid to the borrower under the reverse mortgage;

(b) the total amount of deferred interest added to the principal; and

(c) the outstanding loan balance at the end of the preceding year; and

(4) if applicable, at least 25 days before the day on which the lender adjusts the interest rate on a reverse mortgage, a disclosure that states:

(a) the current index amount;

(b) the publication date of the index; and

(c) the new interest rate.

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Cite this article: FindLaw.com - Utah Code Title 57. Real Estate § 57-28-203. Disclosures to borrower - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-57-real-estate/ut-code-sect-57-28-203/

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