A reverse mortgage lets Utah homeowners age 62+ convert a portion of their home equity into tax-free loan proceeds while continuing to live in the home. The homeowner remains responsible for property taxes, insurance, and maintenance. Funds may be taken as a lump sum, monthly payments, line of credit, or combination.
The complete Utah reverse mortgage guide for homeowners 62+ — eligibility, purpose, ongoing rules, payout options, and the myths debunked.
Watch: Reverse Mortgage Explained
Reverse Mortgage Explained
Tres Miller walks through how a reverse mortgage works for Utah homeowners 62+.
What is a Reverse Mortgage Starter Kit?
The four starter-kit steps
- Determine eligibilityAge 62+, primary residence, sufficient equity, and HUD-approved counseling. Most Utah homeowners qualify if they meet the age and equity tests.
- Understand the purposeRetirement cash flow, emergency reserves, home improvements, delaying Social Security, or preserving invested assets — the reasons vary.
- Learn the ongoing rulesYou remain responsible for property taxes, homeowners insurance, HOA dues, and basic home maintenance. No required monthly principal-and-interest payment.
- Review your payout optionsLump sum, monthly payments, line of credit, or a combination. The right structure depends on your goals and time horizon.
Are you ready to explore a HECM?
- Youngest borrower is at least 62
- The home is your primary residence
- You have roughly 50% or more equity
- You are current on property taxes and insurance
- You are open to completing HUD counseling
Step 1: Determine Eligibility
- Age 62 or older
- Property is your primary residence
- Sufficient equity in the home
- FHA counseling completion
Step 2: Understand the Purpose
Many Utah homeowners use reverse mortgages for:
- Retirement cash flow
- Emergency reserves
- Home improvements
- Delaying Social Security
- Preserving investments
Step 3: Learn the Rules
You remain responsible for:
- Property taxes
- Homeowners insurance
- Home maintenance
Step 4: Review Available Funds
Funds may be received as:
- Lump sum
- Monthly payments
- Line of credit
- Combination options
Common Myths
Myth vs. Fact
The bank owns my home.
You stay on title. The lender records a lien — identical in legal nature to a forward mortgage.
My children lose their inheritance.
Heirs can refinance to keep the home, or sell and keep any remaining equity above the loan balance.
I can be forced out of my home.
Not while you occupy the home and stay current on taxes, insurance, HOA, and maintenance.