Utah Code 57-28-305. Lender default
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(1) A lender who fails to make a loan advance on a non-federally insured reverse mortgage in accordance with the reverse mortgage agreement shall forfeit any right to repayment of the outstanding loan balance.
Terms Used In Utah Code 57-28-305
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
(2) After a lender forfeits the lender’s right to repayment under Subsection (1), the reverse mortgage loan agreement is void.