Utah AARP Reverse Mortgage

Record numbers of senior homeowners are using a Utah AARP reverse mortgage as part of their overall retirement planning strategy. In the beehive state, seniors are turning to the equity built up in their homes as a way to make ends meet during their golden years. A Utah AARP reverse mortgage can be a safe and affordable way to access home equity without making any monthly mortgage payments.

To be eligible for a Utah AARP reverse mortgage, all owners on the title to your home must be at least 62 years old. You must have at least 40 to 60% equity in your property. And your Utah home must be your primary residence.

Equity is the key to getting a reverse mortgage. The reason for this is that you will be receiving your equity back from the lender in the form of monthly supplemental income, a line of credit, a lump sum, a fixed monthly payment for a certain number of years, or a combination of any of the aforementioned. The equity that currently exists in your home must be able to last the life expectancy of the youngest homeowner.

If your Utah AARP reverse mortgage is a HECM (Home Equity Conversion Mortgage,) insured by FHA, your home will stand alone for the debt at the end of the mortgage term. This is referred to as a non-recourse loan, which means that your heirs or your estate are never responsible for any shortfall that may occur at the time the loan is due.

If your home value exceeds the loan balance at the time the last owner permanently leaves the home, your estate or heirs will receive the excess proceeds. If your home is not able to be sold for the balance owed on the Utah AARP reverse mortgage, at the time the last homeowner permanently leaves the home, then the FHA insurance fund makes up the difference to the lender.

HUD Counseling Is Required

HUD counseling is a requirement for all reverse mortgage applicants interested in obtaining a HECM reverse mortgage. It is provided free of charge and can be done either in person or by telephone. AARP has helped HUD institute many of the requirements and topics covered by the reverse mortgage counselors. They will go over the pros and cons of reverse mortgages and make sure that you completely understand how these loans work, before you decide to apply for one.

Request your complimentary Utah AARP reverse mortgage quote today. Your personalized summary will compare various loan options that are available to you and which one will provide you with the most money.

• Link To Utah AARP