(1) The reverse annuity mortgage loan is payable on the maturity date as set forth in the loan agreement, except when the borrower has made a written request for a deferral of such payment and been granted the request. Upon maturity, the borrower may remain in the property without having to make any repayment on the loan. The loan becomes due and payable upon the occurrence of any of the following events:

(a) the death of the last surviving borrower;

(b) sale or transfer of the property to anyone other than the original borrower;

(c) permanent vacation of the property;

(d) any other act or occurrence which in the opinion of the board causes, or is likely to cause, a material decrease in the value of the property.