Utah passed a bill revising the Reverse Mortgage Act. Under the bill, the minimum borrower age requirement and the timing requirement with respect to borrower counseling were revised based on whether the reverse mortgage loan is a HECM insured by the Federal Housing Administration. The bill also reduced the cooling-off period from 7 days to 5 days. In addition, the bill added an exemption to the notice of default and right to cure provisions pertaining to a reverse mortgage in the event the borrower is deceased. The bill becomes effective May 3, 2023.
Click to view the Utah House Bill 94: https://www.tenaco.com/wp-content/uploads/2023/04/UT-HB-94-05-03-23.pdf
