Vt. Stat. Ann. tit. 8, § 10701
Definitions
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
As used in this subchapter:
As used in this subchapter:
(1) Financial institution. "Financial institution" means a financial institution as defined in subdivision 10202(5) of this chapter.
(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: is a loan wherein the committed principal amount is secured by a mortgage on residential property owned by the borrower;
(2) Reverse mortgage loan. “Reverse mortgage loan” means a loan that: is a loan wherein the committed principal amount is secured by a mortgage on residential property owned by the borrower;
(3) 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;
(3) 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;
(4) provides cash advances to the borrower based upon the equity or the value in the borrower's owner-occupied principal residence; and
(4) provides cash advances to the borrower based upon the equity or the value in the borrower’s owner-occupied principal residence; and
(5) requires no payment of principal or interest until the entire loan becomes due and payable. Added 2009, No. 53, § 4.
(5) requires no payment of principal or interest until the entire loan becomes due and payable.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.