Reverse Mortgages in Salt Lake City Utah

REVERSE MORTGAGE ELIGIBILITY

To be eligible for a reverse mortgage, the Federal Housing Administration (FHA) requires that all homeowners be at least age 62 and have sufficient equity in the home That’s IT! There are no income or credit requirements for a reverse mortgage. Borrowers can even be in foreclosure or bankruptcy and the reverse mortgage can pay off the existing loan.



Simply provide your Legend Financial Services loan consultant with your age(s), the approximate value of the home and the existing loan balance(s). Your loan consultant will let you know the approximate loan amount that you can get (subject to appraised value). Whatever amount exceeds your loan balance is yours to keep and can be taken as a lump sum, line of credit, or monthly payments to you.  If you don't have a mortgage, the entire amount of the loan is available for you to use.

BENEFITS OF A REVERSE MORTGAGE

What are some of the benefits of a reverse mortgage?

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  Strengthen your personal and financial independence.


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  Help pay for health care or other needs.


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  You can never lose your home in foreclosure as long as you maintain the property tax and insurance payments.


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  The loan is only paid off when the house is sold by you or your heirs, or all borrowers move out of the house.


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  Keep your Medicare or Social Security benefits.


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  Use it as a credit line and draw upon it as needed.


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  Get all your cash right away.


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  Get the best of both—get cash now and have a balance in reserve to use as a credit line.


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  No Income Requirements: The homeowner does not need to be working and is not qualified based on income.


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  Lock in your loan amount NOW before any more possible depreciation of your home's value.


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