Vermont Statutes Title 8. Banking and Insurance, § 10701. Definitions

(A) is a loan in which 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.