Use a Reverse Mortgage to Purchase a home in Utah
Use a Utah Reverse Mortgage to PURCHASE a home, with no mortgage payments*
1. Are you 62 and older and relocating or downsizing?
2. With a down payment between 29% and 63% of the purchase price (which depends on the age of the buyers), you can use a reverse mortgage for the remainder of your funds and eliminate mortgage payments on the home for as long as you live there.
3. Don’t pay all cash for a home. Use the proceeds from a Utah reverse mortgage and your leftover cash can be used for additional retirement savings, travel, home upgrades, or whatever else you want.
Contact us today for free advice. We’d love to assist you.
Utah Reverse Mortgage Specialists
*If you qualify and your loan is approved, a Reverse Mortgage must pay off your existing mortgage(s). With a Reverse Mortgage, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance (which may be substantial). We do not establish an escrow account for disbursements of these payments. Borrowers must also occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan must be paid off when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, or does not comply with the loan terms. A Reverse Mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). These materials are not from HUD or FHA and were not approved by HUD or a government agency.