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Searching 2021-2022 Session

The Vermont Statutes Online

 

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 wherein 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.)