Utah Reverse Mortgage
There is a pot of cash that amazingly few retired people know about. You could significantly increase your income with a Utah reverse mortgage. This is a special type of mortgage that is available to people of 62 years or over that have a home. The major benefit for most people is that they do not need to make monthly repayments like a normal mortgage.
Here are some common questions that are asked about reverse annuity mortgages.
What can I use the money for?
You can either receive a lump sum or a regular monthly income. This can be used for whatever purpose you want. Maybe you need to make improvements on your house or you want to buy a new vehicle. A regular income could supplement your pension or other retirement provisions
Am I eligible?
You need to be over 62 and own a house that has little or no mortgage on it. Apart from that there are few requirements. Unlike a normal mortgage you do not need to prove your income. In fact you can get a reverse mortgage with no income.
Where can I apply for a Utah reverse mortgage?
The following lenders provide reverse mortgages:
Bank of Utah
EverBank Reverse Mortgage
America First Credit Union
WSB Mortgage Services
Wells Fargo Home Mortgage
How is paid for
Unlike a normal mortgage there are no monthly repayments. The loan is repaid when you move out of your home or you sell your house. This could come from the proceeds of selling the house if necessary. The amount that is owed will never exceed the value or sale price of the house.
If you're attracted to a Utah reverse mortgage, make sure that you do your research before applying for a loan. This will ensure that you get the best deal that is suitable for you.