The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
007
:
REVERSE MORTGAGES
(Cite as: 8 V.S.A. § 10703)
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§ 10703. Annuities
A financial institution shall not require an applicant for a reverse mortgage to purchase
an annuity as a condition of obtaining a reverse mortgage loan. A financial institution
or a broker arranging a reverse mortgage loan shall not:
(1) offer an annuity to the borrower prior to the closing of the reverse mortgage or before
the expiration of the right of the borrower to rescind the reverse mortgage agreement;
(2) refer the borrower to anyone for the purchase of an annuity prior to the closing of
the reverse mortgage or before the expiration of the right of the borrower to rescind
the reverse mortgage agreement. (Added 2009, No. 53, § 4.)