Section 57-28-204 - Independent counseling(1) As used in this section: (a) "Federally insured loan borrower" means a borrower described in Subsection 57-28-202(1)(a).(b) "Non-federally insured loan borrower" means a borrower described in Subsection 57-28-202(1)(b).(2) A prospective borrower shall meet with an independent housing counselor: (a) for a federally-insured loan borrower, before the Federal Housing Administration assigns a case number to the borrower's loan; and(b) for a non-federally insured loan borrower, before the prospective borrower signs a reverse mortgage application.(3) During the meeting described in Subsection (2): (a) the prospective borrower and the independent housing counselor shall discuss the financial impacts of a reverse mortgage, including: (i) options other than a reverse mortgage that are or may become available to the prospective borrower;(ii) other home equity conversion options that are or may become available to the prospective borrower, including sale-leaseback financing, a deferred payment loan, and a property tax deferral; and(iii) the financial implications, specific to the prospective borrower, of entering into a reverse mortgage; and(b) the independent housing counselor shall give the prospective borrower a written disclosure that states that a reverse mortgage may: (i) have tax consequences;(ii) affect the prospective borrower's eligibility for assistance under certain state and federal programs; and(iii) impact the prospective borrower's estate and heirs.Amended by Chapter 385, 2023 General Session ,§ 2, eff. 5/3/2023.Added by Chapter 290, 2015 General Session ,§ 6, eff. 5/12/2015.