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A Guide To Aging In Place
Just The FAQs: Answers to Common Questions About Reverse Mortgages
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Find Out What The 2008 COLA Increase Means To You
Top 10 Reasons Seniors Get A Reverse Mortgage.
Top 10 Myths About Reverse Mortgages.
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Learn About Reverse Mortgage Safeguards.
Learn About The Pros and Cons of Reverse Mortgages.
Across Utah, more people are turning 62 every day and entering into the "golden years" of their lives.
With such a wide variety of climates in Utah, many seniors are choosing to spend part of the year in Southern Utah and the other part of the year in Northern Utah -- making Utah one of the few places in the US where seniors can enjoy the four seasons any time of year.
From the "college-town feel" of Provo, Price, Logan or Cedar City to the "big city" of the Salt Lake Valley, there is plenty for seniors to choose from in Utah to keep them busy.
Many seniors in Utah have chosen to enjoy their golden years rather than worry about making their next mortgage payment -- they have started putting their mortgage to work for them by using a Reverse Mortgage.
The Home Equity Conversion Mortgage (HECM) FHA-insured Reverse Mortgage can be used by senior homeowners age 62 and older to convert the equity in their home into tax-free monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home.
A reverse mortgage loan is different that a traditional home loan because instead of making mortgage payments, a reverse mortgage actually pays you every month.
- No monthly mortgage payments
- Title remains in your name
- Tax-Free money can be used in any way you choose
- Option for a credit line to handle life emergencies or unexpected expenses
- No income, credit or health requirements
- Eliminate debt by paying off mortgages and credit cards
To assist you in making an informed decision we have local experts who can answer every question you have about a reverse mortgage and whether it is right for your situation. If it is determined that a reverse mortgage will meet your needs, you are required to receive consumer education and counseling by a HUD-approved HECM Counselor prior to signing initial documents to get the process started.
HECM / reverse mortgage counselors will discuss program eligibility requirements and provisions for the mortgage becoming due and payable. Upon the completion of HECM counseling, you should be able to make an independent, informed decision of whether this product will meet your needs.
How does a reverse mortgage work?
A reverse mortgage is still a home loan, but instead of you paying the mortgage company, they pay you! Whether you choose a line of credit, monthly payments or a lump sum, you retain title and the ownership of your home.
As long as you live in your home and keep your taxes and insurance paid, you can never be forced out. The federal government also guarantees your reverse mortgage, which means that you don't ever have to make a payment, you can never owe more than your house is worth and your heirs can make the decision on whether to sell or move into the house.
To qualify for a reverse mortgage, you must:
- Age 62 years of age or older
- Own your property
- Occupy your property as primary residence
- Single family home or 1-4 unit home with one unit occupied by the borrower
- HUD-approved condominiums
- Manufactured homes and leased land
- Participation in a consumer information session given by an approved HECM counselor
With the requirements matching many seniors lives, there is no reason to delay! Call now to get your reverse mortgage questions answered and to begin the process.
