Qualify for a Reverse Mortgage - Utah Reverse Mortgage

Help Out Your Retirement Plans

Step 1 – How To Qualify
Must be 62 Years or Older
Own Your Home, or qualified condominiums, and townhouses
No Impact with regular Social Security or Medicare benefits

Step 2 – Why Use Your Equity?

Pay for Medical Bills
Long Term Care Health Care
Home Renovations
Daily Living Expenses
Reduce Stress about Money

Step 3 – How to Get Started?
Fill out the form below or call Amber direct at 801-548-3654.

It only takes a few minutes to determine if you meet the qualifications for a reverse mortgage over the phone, don’t wait.

How Does a Reverse Mortgage Work?

A reverse mortgage is a loan, much like a traditional mortgage, just in reverse. The borrower typically has a house which is nearly paid off or fully paid off which they receive fixed monthly payments from the bank. The amount borrowed is only repaid in the event the borrower and their co-borrower (spouse) moves out of the home. This is a critical, and often misunderstood feature of these loans.
Reverse mortgages do not need to be repaid as long as one of the borrowers lives in the house.
A higher home value means more money available.
Reverse mortgages can be a valuable source of financial independence.
You can choose the amount of money you need in fixed monthly distributions, lump sum, or combinations thereof.

Benefits

The Money You Receive is Tax-Free
Reduce Your Monthly Expenses
Pay For Home Repairs or Improvements
Pay For Medical Expenses
Stop a Foreclosure with a Reverse Mortgage
Increase Your Monthly Income

Common Questions

How Does a Reverse Mortgage Loan Work?

The loan is against the equity in your home which will never exceed the value of your home. The loan is insured by the federal government.

How Much Money Can I Qualify For?

The amount your able to receive is based primarily on two factors, your home value and age. The higher home value means more money and the older you are the more available.

What is a Jumbo Reverse Mortgage?

The loan can exceed the amount of the home’s equity. These loans are difficult to find and have strict lending practices.

Will I Still Own My Home with a Reverse Mortgage

Yes, The title to your home remains with you. Just like a traditional mortgage, you are borrowing money and using your home as security for the loan. You must continue to pay for repairs, property taxes, and homeowners insurance or the bank can foreclose on the home.

Will I Become Ineligible for need-based Government Programs?

A reverse mortgage does not impact your eligibility for Social Security or Medicare. However, with Medicare you should verify the funds withdrawn do not exceed the Medicaid limits.

Is There Any Risk of Losing My Home?

Your still responsible for taxes and insurance, at least one borrower is living in it, and the home is maintained in a reasonable living condition. A reverse mortgage only becomes due when all the homeowners have permanently moved out or passed away.

How Do I Qualify For a Reverse Mortgage?

Reverse mortgages are for homeowners age 62 and older who want to stay in their houses and leverage equity. Talk to a loan office who specializes in reverse mortgages and can explain the benefits and risks.

Contact a Loan Officer

Are There Extra Fees with Reverse Mortgage Loans?

The fee structure is the same as an equity loan. Your loan officer will explain current interest rate and all loan fees associated.

Why Trust UtahReverseMortgage?

Were a local Utah company focused upon your needs. At UtahReverseMortgage we realize the importance of your future and take the time to understand the goals of every client and educated them on how these loan programs work. Guiding through the entire process in the easiest way possible, we’ll determine the best product to achieve the objective striving for the best possible satisfaction. Our licensed professionals are available to ensure the job is done right.

Don’t Like Forms and Want to Talk to Somebody?

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