Vermont Statutes Title 8. Banking and Insurance, § 10701. Definitions
Current as of January 01, 2020 | Updated by FindLaw Staff
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As used in this subchapter:
(1) Financial institution. “Financial institution” means a financial institution as defined in subdivision 10202(5) of this chapter.
(2) Reverse mortgage loan. “Reverse mortgage loan” means a loan that:
(A) is a loan wherein the committed principal amount is secured by a mortgage on residential property owned by the borrower;
(B) is due upon sale of the property securing the loan or upon the death of the last surviving borrower or upon the borrower terminating use of the real property as a principal residence or upon the borrower's default;
(C) provides cash advances to the borrower based upon the equity or the value in the borrower's owner-occupied principal residence; and
(D) requires no payment of principal or interest until the entire loan becomes due and payable.
Cite this article: FindLaw.com - Vermont Statutes Title 8. Banking and Insurance, § 10701. Definitions - last updated January 01, 2020 | https://codes.findlaw.com/vt/title-8-banking-and-insurance/vt-st-tit-8-sect-10701.html
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