A reverse mortgage is a loan made to a homeowner who is at least 62 years-old and wishes to convert the equity in their home to cash.
Unlike a home equity loan, the homeowner does not make monthly payments to the lender. In fact, with a reverse mortgage, monthly payments are made by the lender to the homeowner. A reverse mortgage isn’t repayable until the borrower no longer occupies the home as their primary residence.
Benefits of a Reverse Mortgage
- Convert the equity of your home into cash
- Receive a stable monthly income
- Receive a lump sum or stream of payments
Contact a mortgage specialist for more details, 801-786-8400.
NO BOTS ABOUT IT
& $500 CLOSE IN 30 DAY GUARANTEE
Our live and local mortgage experts make buying your new home easier than ever! We will be there for you every step of the way, and guarantee that we will close in 30 days or less - no bots about it.
Talk to a mortgage expert today to get your mortgage application started!