What is a reverse mortgage and who qualifies?
A reverse mortgage (HECM) lets Utah homeowners 62 and older convert home equity into tax-free funds without monthly mortgage payments. You stay on title and continue to own the home.
A reverse mortgage (HECM) lets Utah homeowners 62 and older convert home equity into tax-free funds without monthly mortgage payments. You stay on title and continue to own the home.
Detailed answer
A Home Equity Conversion Mortgage (HECM) is FHA-insured. You must be 62+, occupy the home as your primary residence, and have sufficient equity. You keep ownership, you stay on title, and there are no monthly mortgage payments — you must continue paying property taxes, insurance, and HOA dues. Funds can be taken as a lump sum, monthly payments, a line of credit, or any combination.
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