What you should know about reverse mortgages in Utah.
A reverse mortgage is a loan designed to help eligible individuals unlock equity in their homes. If you are 62 and over, you may qualify to borrow against your home until you move or pass on.
Benefits of a Reverse Mortgage
A reverse mortgage allows you to remain in your home payment-free, rather than taking on the stressful process of moving, which often means downsizing. This loan can be paid in a monthly lump sum or as a line of credit. Due to state guidelines, repayment is due upon the sale of the home.