FAQs (data-driven)

Reverse Mortgages

• What is a reverse mortgage?

  A reverse mortgage is a loan for homeowners who are at least 62 years old, and are looking to convert their home equity into cash or to purchase a home.

• How does a reverse mortgage work?

  The homeowner does not make payments to the lender, the opposite occurs. The lender makes payments to the homeowner.

• Who qualifies for a reverse mortgage?

  Who qualifies for a reverse mortgage? 1. Must be at least 62 years or older. 2. Homeowner; lives in primary residence. 3. Sufficient home equity. 4. Meets additional financial requirements to qualify.

• Do I still own my home?

  Yes, you still own your home. The Title will remain in your name as the owner. The lender does not gain ownership but holds a Lien on your home; to secure the loan.

• How do I receive payments for my reverse mortgage?

  You can either receive payments over a length of time or receive a lump sum payment. Discussing your financial needs can be helpful in deciding which option is right for you. Let us help you! Reach out to us at 801-786-8400 or visit a branch near you.

• Do I have to make payments?

  No, payments are not due until the borrower no longer occupies the home as their primary residence. The loan will be due in full at this time.

• Can I sell my home after getting a reverse mortgage?

  Yes! The mortgage loan balance will need to be paid with the proceeds from the sale of your home.