(1) After a prospective borrower accepts, in writing, a lender’s written commitment to make a reverse mortgage, the lender may not bind the prospective borrower to the reverse mortgage earlier than five days after the day on which the prospective borrower gives the written acceptance to the lender.
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Utah Code 57-28-207

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Writing: includes :
         (48)(a) printing;
         (48)(b) handwriting; and
         (48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5
(2) During the five-day period described in Subsection (1), the lender may not require the prospective borrower to close or otherwise proceed with the reverse mortgage.
(3) A prospective borrower may not waive the provisions of this section.

  Previous section
Next section  
 Part 2 Contents