ReverseMortgagesUtah.com

Utah Reverse Mortgages

A reverse mortgage may not always be the best option for seniors. Alternatives such as downsizing by selling the home or refinancing the home should always be considered before settling on a reverse mortgage. When a reverse mortgage is the right choice, our site wants to be there to help you learn about the advantages of a reverse mortgage. We can put you in touch with a licensed lender who will provide you with a detailed quote based on your age, property value, existing liens and loans on the home and location.

All the previously mentioned factors go into determining how much you may be able to receive from a reverse mortgage.

Little Rock Canyon, Provo, UT (801) 856-6780

What is a reverse mortgage?
A reverse mortgage is loan for people over the age of 62 that does not require any monthly mortgage payments. It is similar to a line of credit, except that does not require monthly loan payments and can be only loan on the home.

Q: Does the bank take the house?
A:
No. A reverse mortgage only a loan on the home. The title remains in the name and control of the borrower.

Q: When is a reverse mortgage repaid?
A:
When the homeowner sells the property, moves out, or is deceased. If there are two homeowners and one passes away, the loan continues as normal with the second homeowner.