Utah Code 57-28-202. Borrower requirements
Current as of: 2024 | Check for updates
|
Other versions
A borrower shall:
(1)
Terms Used In Utah Code 57-28-202
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(1)(a) for a home equity conversion mortgage insured by the Federal Housing Administration under Title 1 of the National Housing Act, 12 U.S.C. § 1715z-20, be 62 years old or older; and
(1)(b) for proprietary loans not insured by the Federal Housing Administration, be 55 years old or older; and
(2) occupy the dwelling that secures the reverse mortgage as a principal residence.