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Utah Code Title 57. Real Estate § 57-28-206. Disbursement

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

(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.

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Cite this article: FindLaw.com - Utah Code Title 57. Real Estate § 57-28-206. Disbursement - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-57-real-estate/ut-code-sect-57-28-206/

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