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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. § 10704)
  • § 10704. Limitation on reverse mortgage loan programs

    No financial institution shall issue a reverse mortgage loan unless it is a lender approved by the federal Department of Housing and Urban Development (HUD) to enter into a loan insured by the federal government and the reverse mortgage loan complies with all requirements for participation in the HUD Home Equity Conversion Mortgage Program (or other similar federal reverse mortgage loan program from time to time created) and is insured by the Federal Housing Administration or other similar federal agency or is a government sponsored enterprise reverse mortgage loan. (Added 2009, No. 53, § 4.)