Take Advantage of Your Equity with a Utah Reverse Mortgage
For those folks age 62 or older looking to secure extra cash to pay medical expenses, get a handle on monthly bills or simply take a vacation, a Utah reverse mortgage may be the solution for you.
An increasingly popular option for seniors, a Utah reverse mortgage allows you to tap into the equity of your home to generate more monthly cash in your pocket. A reverse mortgage allows you to borrow money at a low rate against your house, and then use that money for whatever you want. There are a host of Utah reverse mortgage lenders available to assist.
What is a Reverse Mortgage?
Basically, if you've paid off your home mortgage, a reverse mortgage "reverses" the process. Rather than paying a monthly mortgage payment based on the value of your home, you get paid a monthly payment based on the value of your home from qualified Utah reverse mortgage lenders.
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To qualify, you must be 62 years of age or older.
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You must own a home
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You can receive money either in a lump sum, a monthly payment or other agreed-upon payment plan.
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You are charged interest on the money you receive.
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You can use your money for anything you want but are required to use it within a set time period.
There are upfront costs associated with setting up a reverse mortgage and anyone considering one and meeting the qualifications must get counseling from an approved federal home counselor.
If you still owe money on your existing mortgage, a Utah reverse mortgage may not be right for you. You can secure a Utah reverse mortgage to pay off your existing mortgage, but you may not have any money left over. If you still have an existing mortgage, you may want to seek other means of financing, such as a home equity loan. Counseling is designed to identify those mortgage seekers who may want to consider other means of getting financial assistance.
How do I Find Utah Reverse Mortgage Lenders?
In Utah, reverse mortgage lenders are waiting to assist you in determining if you can and should secure a Utah reverse mortgage. To find one, contact a local real estate office, the Federal Housing Administration or local chamber of commerce for assistance. Utah reverse mortgage lenders will provide all the information you need to determine if you qualify and could benefit.
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