Utah Homeownership Authority
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Reverse Mortgages · HECM · Utah

Reverse Mortgage Expertise for Utah Homeowners

Tres Miller is a Utah mortgage banker specializing in reverse mortgages and home-equity strategy for homeowners 62 and older. Lending in Utah since 1995. NMLS #217768.

Find Out If a Reverse Mortgage Fits Your Situation Call 435-229-9797

15-minute private review · No application required

31+ years lending in Utah
NMLS #217768 · Equal Housing Lender
Reverse Mortgage / HECM Specialist
Serving all 29 Utah counties

About Tres Miller

Tres Miller has worked in Utah residential mortgage lending since 1995 — more than three decades of purchase, refinance, and home-equity files across the Wasatch Front and southern Utah. He is a mortgage banker, NMLS #217768, working under JMJ Financial Group, NMLS #1866296, and a U.S. Army veteran. Reverse mortgages have been a concentration of his practice for much of that career, alongside VA lending.

Utah Homeownership Authority is a privately operated educational and mortgage resource. It is not a government agency and is not affiliated with HUD, FHA, or the State of Utah. A HECM is insured by FHA; that insurance does not make any lender a government office. See the full professional history.

How reverse mortgages are approached here

A reverse mortgage is a cash-flow and equity-management tool. It is not a rescue product, not free money, and not right for everyone. The useful question is never "is a reverse mortgage good or bad" — it is whether this tool solves a specific problem better than the alternatives that sit next to it on the table.

  • Retirement cash flow. Removing a required monthly principal-and-interest payment changes a household budget more than almost any other single move available after 62.
  • Liquidity preservation. Drawing on home equity in a down market can keep retirement accounts invested rather than sold at a loss.
  • Evaluated against alternatives. Every conversation includes doing nothing, refinancing conventionally, a HELOC, and selling or downsizing. Sometimes the right recommendation is one of those.
  • Family first, product second. Heirs, a younger spouse, and long-term plans for the home belong in the conversation before an application, not after.
  • No hype. Costs, the growing balance, and the ongoing tax, insurance, and maintenance obligations get stated plainly every time.

Topics covered in depth

  • How a HECM actually works — the FHA-insured structure, what is guaranteed, and what is not.
  • Eligibility — age 62, primary residence, equity position, and the financial assessment.
  • Paying off an existing mortgage and eliminating the monthly principal-and-interest payment.
  • Payout options — lump sum, term, tenure, and the growing line of credit.
  • The HECM line of credit as a standby retirement liquidity tool.
  • Aging in place, home modifications, and the cost of in-home care.
  • Spouses, heirs, and the estate — non-borrowing spouse protections and how heirs settle the loan.
  • Costs — mortgage insurance premium, origination, closing costs, and servicing.
  • Myths — the bank does not take the house, and you do not lose title.
  • HECM vs. HELOC vs. cash-out refinance, and HECM vs. selling.
  • HECM for Purchase — buying a different home at 62+ without a monthly mortgage payment.

Where this comes up most in Utah

Salt Lake County carries the heaviest volume of retirement and home-equity questions — long-held homes, significant equity, and households deciding whether to stay put. Utah County brings multi-generational planning, where adult children are often part of the conversation. Washington County adds retirees who relocated and want to understand the equity they moved into. County-level material lives on the Utah county pages.

Real Utah Mortgage Scenarios

Here is an example of how this situation might be evaluated. These are illustrative, anonymized situations built from the kinds of questions Utah homeowners ask — not descriptions of completed transactions, and not an offer or commitment to lend.

Orem · Utah County

Retired homeowner weighing a reverse mortgage

Scenario:
Retired homeowner in Orem
Home value:
$650,000
Existing mortgage:
$125,000
Age:
71
Goal:
Reduce required monthly expenses while preserving retirement savings.

How Tres Would Evaluate This

  • ·Do nothing and keep paying the existing mortgage: the payment continues, but the balance keeps falling and the equity position stays simple. This is always the first option on the table.
  • ·Refinance the remaining balance over a longer term: lowers the payment somewhat, but a required monthly principal-and-interest payment still exists and the term extends well into retirement.
  • ·HECM reverse mortgage: pays off the $125,000 balance, which removes the required monthly principal-and-interest payment. Property taxes, homeowners insurance, HOA dues, and maintenance remain the homeowner's responsibility, and the loan balance grows over time.
  • ·Sell and downsize: converts equity to cash outright, but adds moving costs, a new purchase in the same market, and the loss of a paid-down home the family may want to keep.

Takeaway: The question is not whether a reverse mortgage is good or bad. It is whether removing a required monthly payment is worth a growing loan balance, compared with the other three options.

Provo / Springville · Utah County

Utah County retiree with no mortgage but tight cash flow

Scenario:
Retired couple, home owned free and clear
Home value:
$540,000
Existing mortgage:
$0
Income:
Social Security plus a modest IRA
Goal:
Create a cushion for irregular expenses without drawing down the IRA in a down market.

How Tres Would Evaluate This

  • ·Draw from the IRA as needed: simple, but withdrawals in a down market lock in losses and can affect taxable income.
  • ·HELOC: lower upfront cost, but it carries a required monthly payment, a draw period that ends, and a lender that can reduce or freeze the line.
  • ·HECM line of credit: no required monthly principal-and-interest payment, and the unused portion of the line grows over time. Upfront costs are higher and the balance compounds on whatever is drawn.
  • ·Do nothing and adjust spending: often the right answer when the shortfall is small or temporary.

Takeaway: A standby line of credit is a sequence-of-returns tool. Its value depends on whether it is actually left alone in good years.

Washington County / statewide

HELOC or reverse mortgage for a homeowner over 62

Scenario:
Homeowner age 68, partially retired
Home value:
$610,000
Existing mortgage:
$0
Need:
Access to roughly $100,000 over several years
Goal:
Access equity gradually with the least risk of being forced to sell.

How Tres Would Evaluate This

  • ·HELOC: lower upfront cost and full flexibility, but it requires monthly payments, the draw period ends, the rate is variable, and the lender may reduce or suspend the line.
  • ·HECM line of credit: higher upfront cost, no required monthly principal-and-interest payment, the line cannot be frozen for market reasons, and the available amount grows over time.
  • ·Cash-out refinance: a fixed lump sum at a fixed rate, with a required payment for the full term — usually the wrong shape for a need that is spread over years.
  • ·Sell and rent or downsize: the cleanest answer for some households, and the hardest one emotionally.

Takeaway: A HELOC is cheaper to open. A HECM line of credit is harder to lose. Which matters more depends on how long the money is needed.

Illustrative only. Figures are examples, not quotes. Actual options depend on age, property, income, credit, program guidelines, and current rates.

Reverse Mortgage Resource Center

Guides, checklists, and every reverse mortgage article in one place.

Home Equity Calculator

See how much equity is available before running a HECM calculation.

Reverse Mortgage FAQs

Direct answers to the questions homeowners ask most.

Knowledge Center: Reverse Mortgages

Long-form research articles on HECM strategy in Utah.

Reverse mortgage questions Utah homeowners ask

Find Out If a Reverse Mortgage Fits Your Situation

Not sure whether a reverse mortgage fits your situation? Schedule a no-pressure conversation to walk through your goals, your questions, and every option — including the ones that are not a reverse mortgage.

Find Out If a Reverse Mortgage Fits Your Situation Call 435-229-9797
Tres Miller, Mortgage Banker, NMLS #217768

Written by

Tres Miller

Mortgage Banker · NMLS #217768 · U.S. Army veteran

Tres Miller is a Utah mortgage banker specializing in reverse mortgages and VA loans, with broader experience across Utah residential mortgage financing. A U.S. Army veteran, he has spent more than three decades helping Utah homeowners buy, finance, and protect their homes.

Specializing in reverse mortgages and VA loans, with broader work across Utah residential mortgage financing. Lending in Utah since 1995. Serving Utah County, Salt Lake County, Davis County, and all 29 Utah counties.

About TresProfessional historySchedule a consultation435-229-9797

Originally published September 13, 2026 · Last reviewed September 13, 2026