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| Privacy Policy | Reverse My Mortgage |
Mailing Address: Reverse My Mortgage: 846 South Main Street, Bountiful, UT 84010
Reverse Mortgage Loan Laws in Utah and Arizona:
Reverse Mortgage Loans represented by our select group of reverse mortgage lenders are government backed programs to help senior homeowners. Laws in individual states varies, as a result Our Reverse Mortgage Calculator helps you to quickly determine preliminary eligibility for a HECM loan in Utah or Arizona. While we do our best to give the most accurate calculations, the actual loan you qualify for may be different from the calculations shown here.
General reverse mortgage loan
qualification requirements
Reverse Mortgage Loan Amount Based On changed to Reverse Mortgage loan
amount calculations are based on:
Under requirements change:
Limited income or qualifications may be required of the borrower in
accordance with HECM rules.
No repayment as long as the property is your principal residence and the
obligations of the mortgage are met
Closing costs may be financed in the mortgage
You must:
Be 62 years of age or older
Own the property outright or have a small mortgage balance
Occupy the property as your principal residence
Not be delinquent on any federal debt
Participate in a consumer information session given by an approved
HECM counselor
Reverse Mortgage Loan Amount Based On
Age of the youngest borrower
Current interest rate
Lesser of appraised value or the HECM mortgage limit or the
sales price
Initial Mortgage Insurance Premium (MIP)--your choices are HECM
Standard or HECM SAVER initial MIP
Reverse Mortgage Loan Financial
Requirements
No income or employment qualifications
are required of the borrower
No repayment as long as the property is your principal residence
and the obligations of the mortgage are met
Closing costs may be financed in the mortgage
Reverse Mortgage Loan Property
Requirements
The following eligible property types
must meet all property standards and flood requirements:
Single family home or 1-4 unit home
with one unit occupied by the borrower
approved condominium
Manufactured home that meets requirements
*Use our Reverse Mortgage Calculator to
determine if you meet the property criteria.
Why Retirement is Better with a Reverse Mortgage Loan:
Any Reverse Mortgage Calculator will show you that the benefits of
using your home equity for financial security is a great option.
Many of our Utah and Arizona clients were having trouble paying
bills and affording medicine, but they are happier using Reverse
Mortgage funding as a supplement to their income.
How to use the Reverse Mortgage Loan Calculator:
The Reverse Mortgage Calculator is a way to determine the
preliminary eligibility of your property, yourself, and financial
requirements. If you are 62 years of age, and have paid off the
greater portion of your mortgage, you are a great candidate for
Reverse Mortgage Loan benefits. Please call our friendly Reverse
Mortgage Loan advisors in Utah and Arizona today.
Reverse My Mortgage LLC works with a select group of Reverse My
Mortgage, LLC approved lenders. These lenders operate and comply
with all federal and/or state laws and regulations.
Fees: Reverse My Mortgage.
Reverse My Mortgage does not collect or
charge any fees for the service provided on this site including the reverse
mortgage calculator. Reverse My Mortgage, LLC does not charge fees for any
other service provided to consumers. However, Reverse My Mortgage, LLC
approved lenders may have fees associated with closing a reverse mortgage.
We encourage you to review all their fees and procedures prior to closing a
reverse mortgage loan.