Vermont § 10702 - Counseling Prior to accepting an application for a reverse mortgage loan, a financial institution shall refer every borrower to counseling from an organization that is a housing counseling agency approved by the U.S
Full text of Vermont Vermont Statutes Online § 10702 — Counseling Prior to accepting an application for a reverse mortgage loan, a financial institution shall refer every borrower to counseling from an organization that is a housing counseling agency approved by the U.S, with citation guidance and answers to common questions.
§ 10702. Counseling Prior to accepting an application for a reverse mortgage loan, a financial institution shall refer every borrower to counseling from an organization that is a housing counseling agency approved by the U.S
- . Department of Housing and Urban Development and shall
receive certification from the counselor that the borrower has received in-person,
face-to-face counseling. However, if the borrower cannot or chooses not to travel
to a counselor and cannot be visited by a counselor in their home, telephone counseling
shall be provided by counseling agencies that are authorized by the Department of
Financial Regulation. The certificate shall be signed by the borrower and the counselor
and include the date of counseling; the name, address, and telephone number of both
the borrower and the organization providing counseling; and shall be maintained by
the holder of the reverse mortgage throughout the term of the reverse mortgage loan. (Added 2009, No. 53, § 4; amended 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012; 2021, No. 105 (Adj. Sess.), § 284, eff. July 1, 2022.)
Source: official Vermont text · Last verified 2026-08-27
Frequently Asked Questions About Vermont § 10702
What does Vermont Statutes Online § 10702 cover?
Section 10702 ("Counseling Prior to accepting an application for a reverse mortgage loan, a financial institution shall refer every borrower to counseling from an organization that is a housing counseling agency approved by the U.S") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 10702?
A common citation format is "Vermont Statutes Online § 10702" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 10702 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.