It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Utah, don't hesitate to contact one of our specialists at any time.Utah seniors have been experiencing the backlash of recent economic events. While working folks are having a hard time dealing with economic uncertainty, those living on a fixed income are having an even harder time. Even as many seniors struggle to pay their monthly bills, they may be unknowingly sitting on a large investment - the equity they have in their homes. If you're 62 years of age or older, you could obtain access to that equity through a reverse mortgage. Utah seniors throughout the state are using reverse mortgages to alleviate the financial burden of medical bills, home renovations, and life in general.
Paying Back a Reverse MortgageUtah residents do not make payments towards the loan until they sell the home, move, or pass away.* When one of these circumstances happens, the loan amount along with accumulated interest are due. Fortunately, a reverse mortgage is what is known as a nonrecourse loan, meaning you never owe more than the appraised value of the home. If the loan comes due because the last homeowner passed away, the borrowers' heirs have the option to sell the home to pay off the mortgage or refinance for the amount owed including any accrued interest. You always maintain ownership of your home while you are still living there. With that, you are required to pay all property taxes and insurance fees. Homeowners are additionally required to keep the home well preserved. As for the money freed up by accessing your equity, it can be put to any use you see fit.
Utah Reverse Mortgage SpecialistsUtah residents like yourself are discovering the financial freedom that comes with a reverse mortgage. One Reverse Mortgage works with multiple reverse mortgage licensed specialists in Utah. Please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.