HECM education and strategy for Utah homeowners 62 and older — straight answers, real costs, no pressure.
Tres Miller walks through how a reverse mortgage works for Utah homeowners 62+.
A reverse mortgage is a home loan that allows an eligible homeowner to convert part of the equity in a principal residence into loan proceeds without requiring scheduled monthly principal-and-interest payments. The loan balance generally grows over time and becomes due when a maturity event occurs. Borrowers remain responsible for property taxes, homeowners insurance, maintenance, occupancy requirements, and other loan obligations.
Two-page plain-English overview. Begin here if this is new to you.
Clarify goals, cash flow, liquidity, heirs, and alternatives before talking to anyone.
The flagship comprehensive guide — eligibility through maturity, in one document.
Estimate available equity. Estimates only — not an offer, quote, or approval.
The process, stage by stage — including HUD-approved counseling preparation.
The broader view: staying put, HELOC, refinance, downsizing, selling, other assets.
Housing costs, liquidity, aging in place, and long-term residence decisions.
A Home Equity Conversion Mortgage (HECM) is the FHA-insured reverse mortgage available to eligible homeowners, generally age 62 and older, on a principal residence. Proceeds can be taken as a lump sum, term or tenure payments, a line of credit, or a combination. Interest and mortgage insurance accrue on the balance drawn, so the amount owed generally rises over time while remaining equity falls.
Meeting these points does not mean the loan is approved. Approval and available proceeds are determined by underwriting.
Loan proceeds are generally not treated as income, but tax treatment and any effect on needs-based benefit programs depend on your circumstances. Consult a qualified tax professional, attorney, or benefits counselor.
The bank owns the home.
You remain on title. The reverse mortgage is a lien against the property, like any other mortgage.
You must make monthly mortgage payments.
No monthly principal-and-interest payment is required while the loan is in good standing. Property taxes, insurance, HOA dues, and maintenance are still your responsibility, and voluntary payments are allowed.
You can never lose the home.
You can. The loan can become due and payable if property charges go unpaid, the home is not maintained, or it stops being your principal residence.
A reverse mortgage is free money.
It is a loan. Interest and mortgage insurance accrue and the balance generally grows over time, reducing remaining equity.
The government makes the payments.
Proceeds come from the lender. FHA insures the loan; it is not a government benefit payment, and this business is not part of HUD or FHA.
Children automatically inherit the home free of the loan.
Heirs inherit subject to the loan. They may repay it, refinance, sell and keep remaining equity, or deed the home back. HECMs are non-recourse, so heirs are not personally liable beyond the home's value at repayment.
The loan can never become due.
Maturity events include the last borrower's death, permanent move, sale, or failure to meet loan obligations.
Every senior homeowner should get one.
Many should not. Short expected stays, limited equity, difficulty covering property charges, or better alternatives all argue against it.
Reverse mortgages should only be used as a last resort.
They are also used as planned strategy. Neither extreme is a rule — the fit depends on your goals, horizon, and alternatives.
A line of credit grows like an investment account.
Any unused line-of-credit growth is added borrowing capacity, not earnings or profit. It is not a return, and drawing on it increases the loan balance.
A reverse mortgage should be a considered strategy, not a rescue. If the numbers do not support it, the right answer is no.
A reverse mortgage consultation gives you specific numbers for your situation, a side-by-side comparison with the alternatives, and a straight recommendation — including when the answer is that a reverse mortgage is not a good fit.
Schedule a reverse mortgage consultation →
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Meet the author, Tres Miller →
Educational information only. This is not financial, tax, legal, investment, or estate-planning advice, and it is not an offer, commitment, or guarantee of approval or of any specific amount. Utah Homeownership Authority is a private business. It is not HUD, FHA, or any other government agency, and it is not acting on behalf of one. Tres "The Magic Mortgage Lender" · Powered by JMJ Financial Group. Tres Miller NMLS #217768. JMJ Financial Group NMLS #1866296. Borrowers remain responsible for property taxes, homeowners insurance, HOA dues, home maintenance, and occupancy. Equal Housing Opportunity. Reviewed August 2, 2026.
Tres Miller walks through how a reverse mortgage works for Utah homeowners 62+.
A concise entry-level overview for Utah homeowners 62+ beginning their research: what a HECM is, who may qualify, how proceeds can be taken, the obligations that continue, and where to go next.
Educational only. Not legal, tax, or financial advice.
The most common reverse mortgage myths — and the truth behind each one.
When a reverse mortgage is the wrong tool — and when it's the right one.
How ownership actually works on a reverse mortgage — you keep title.
A broad home-equity strategy resource for Utah homeowners 62+ — comparing staying put, HELOCs, refinancing, downsizing, selling, and a reverse mortgage as part of a complete retirement plan.
Educational only. Not legal, tax, or financial advice.
Verify eligibility, understand the benefits, gather documents, get pre-approved, and shop for a home using the VA benefit.
Educational only. Not legal, tax, or financial advice.
Zero-down USDA financing for eligible rural Utah properties — eligibility, income limits, and the process end-to-end.
Educational only. Not legal, tax, or financial advice.
The mechanics, step by step.
Age, equity, occupancy, and counseling.
Lump sum, line of credit, monthly — and combinations.
MIP, origination, closing costs, servicing.
Maturity, repayment, and non-recourse protection.
Buy a different Utah principal residence.
The misconceptions that cost retirees options.
Side-by-side comparison.
Housing costs, income, liquidity, and equity strategy.
The transitions that happen between 65 and 85.
Modifications, in-home services, and planning ahead.
Compare staying, selling, and right-sizing.
The most common reverse mortgage alternative.
Cash-out and rate-term alternatives.
Checklist, net sheet, and timeline.
For families resolving a home after a maturity event.
Estimate available equity — estimates only.
Housing, equity, cash flow, and long-term planning.
Talk to Tres — straight answers, real options, no pressure.