The Vermont Statutes Online
The Vermont Statutes Online does not include the actions of the 2024 session of the General Assembly. We expect them to be updated by November 1st.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 8 : Banking and Insurance
Chapter 200 : Consumer Protection
Subchapter 007 : Reverse Mortgages
(Cite as: 8 V.S.A. § 10701)-
§ 10701. Definitions
As used in this subchapter:
(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:
(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. (Added 2009, No. 53, § 4; amended 2021, No. 105 (Adj. Sess.), § 283, eff. July 1, 2022.)
