Reverse Mortgage Made Easy

Utah Reverse Mortgages

A reverse mortgage in Utah is a wonderful program that enables homeowners who are age 62 or over to tap into their equity without selling their home and without making monthly payments.

You can receive cash now, receive monthly payments for life, receive monthly payments for a specific amount of time, set up an equity line or a combination of any or these options AND you do not have to make payments! Never pay this money back as long as you live in the home!

Reverse mortgages are ideal for Utah homeowners who are retired or no longer working and need to supplement their income. I have seen others take the funds and invest it or use for other needed items. The funds can be used any way you would like.

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Click here for 7 Steps to Obtaining a Reverse Mortgage in Utah

Advantages :

Stay in your home. It allows you to remain in your home, retain home ownership and remain independent.

No monthly mortgage payments. You need not pay back the reverse mortgage loan nor make any monthly mortgage payments until you permanently move out of the home.

No Credit Qualifying. Even if you are behind on your house payments or other bills, you can still qualify for a reverse mortgage.

Tax-free money. Because the money you receive from a reverse mortgage is not considered income, it is tax free* and will not affect your Social Security or Medicare benefits. * Consult your tax advisor

Freedom and flexibility. The money you get from a reverse mortgage is yours to use in any way you choose.

Click here for 7 Steps to Obtaining a Utah Reverse Mortgage

Commonly Asked Questions

The Bank or Lender will take my home.
Not True - The homeowner always retains title to the property and can choose to sell the home at anytime. There are no prepayment penalties or restrictions of any kind. Your lender cannot take your property away nor force you to sell your home to pay off your loan even if the loan balance grows to exceed property value. In all honesty, the lender does not want your home and will assist in any way to help your estate keep the home if they wish to.

My children will be held responsible for repayment of the Reverse Mortgage.
False - The Reverse Mortgage is a non-recourse loan. This means that the lender can only derive repayment of the loan from the proceeds of the sale of the property. Your heirs will not be responsible for the repayment of the loan. If your children wish to keep the home, they then must repay the loan.

The reason why is that it is Government insured and the bank can only receive payment of the loan from the value of the home, regardless of current status. The same rule applies if a catastrophe struck and the value of the home is reduced.

To qualify, my home must be paid off "Free & Clear".
Not True - You may payoff a mortgage or equity loan with a Reverse Mortgage. In fact, many people get a Reverse Mortgage for this reason: to get rid of their monthly payments forever.

I must have good income and credit to qualify.
False - A Reverse Mortgage has no income or credit qualifications. To qualify you need to be at least 62 years of age and your home must be your primary residence and the home must have enough equity in it. Consult your representative for further info.

The Reverse Mortgage requires that I make monthly payments.
Not True - There are never monthly payments. The borrower is responsible for payment of property taxes, insurance, and general upkeep of the home - that is it.

If I do a Reverse Mortgage I will eat up all my equity and leave nothing for my kids.
False - "Retained Equity" is a very important concept to grasp. Realize that your property will continue to appreciate (the whole value of the estate) and you pay interest on only the smaller amount borrowed.

However if you do live in an area where your house values have gone down, then it is possible to not leave any equity. On the flip side, if values do go down, you continue receiving monthly payments regardless of the current value of the home. Repayment of the loan will NEVER be more than the home value.

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