Utah Reverse Mortgage Loan?
On a Utah Reverse Mortgage:
If you and your spouse are over the age of 62 and you own your own home, you may be eligible for a Utah reverse mortgage.
Many seniors in Utah are living on fixed incomes and reverse mortgages may be a way to alleviate their cash flow ills.
Utah residents living on a fixed income usually have their home as their most significant asset and a Utah reverse mortgage allows them to convert that asset into a source of non-taxable income, without losing the ownership of their home.
A Utah Reverse Mortgage is different than a typical forward mortgage:
A Utah reverse mortgage is a loan but money is paid to you by a lender, payments are reversed. You can collect this money but still live in your home. You can have a combination of a lump sum payment, a line of credit, or, most commonly, a monthly payment.
To receive a reverse mortgage you must own your Utah home outright or you may have a forward mortgage, in addition to being over the age of 62. How much you can borrow is based on your age, the equity in your home, and the current interest rate that the lender's are charging.
You can use the funds for any purpose you choose.
What are my responsibilities in a Utah Reverse Mortgage?
You retain the title to your home with a Utah reverse mortgage so you are still responsible for home maintenance and all real estate taxes.
There are a variety of options available to you and they include having the loan due when you reach the end of a pre-selected loan period, sell your home, paid in full with interest when you move, or pass away.
After you pass away, your heirs are not responsible for paying off the loan. Most times this is accomplished by the sale or your heirs may refinance the property if they chose to keep the home.
Check out your Utah Reverse Mortgage Options:
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