Top 4 Questions about Utah Reverse Mortgage Loan
Top 4 Questions We Get on Utah Reverse Mortgage.
- Can I get a lot of money? Yes you can! The Federal Housing Authority uses a formula to determine how much money you can get for your home if you take out a Home Equity Conversion Mortgage (HECM). This formula includes factors like your age and the value of the property.
- Can I lose my home and be put out on the street? If you take out a Utah reverse mortgage, you can live in your home for as long as you like. The lender cannot take your home to recover the debt. Even if the debt exceeds the value of the home, you will still receive payments. If you keep up the condition of the home, maintain proper insurance, and pay all the taxes due in a timely manner, there is no reason for any one to take your home. If you take out an HECM, the FHA guarantees all your payments.
- Will there be anything left to leave to my children or other family? The loan becomes due when you stop using your home as your primary residence. If you decide to move, you can sell the house, pay back the loan and keep what is left over. If you pass away, the lender is only due what is outstanding on the loan. If the house appreciates in value and the balance of the loan gets settled with money left over, then that money goes to your heirs. In addition, a Utah reverse mortgage is known as a "non-recourse" loan; that is, the lender has no recourse to any of your other assets if the debt exceeds the value of your home. This leaves any other assets you have safe for your heirs.
- Can I get this Utah Reverse Mortgage if I live in a condo? Yes you can. If you live in a condo you can still get an HECM. If you live in one unit of a four unit dwelling and own all the other units, you can get a Utah reverse mortgage. Just check with your loan officer to find out what the criteria is for eligible properties.
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Utah Reverse Mortgage | After Utah Reverse Mortgage | Getting the Money | Types of Reverse Mortgage | Top 4 Questions about Reverse Mortgage | Using Utah Reverse Mortgage | Reverse Mortgage After