What is a Reverse Mortgage - Reverse Mortgage in Utah

What is a Reverse Mortgage - Reverse Mortgage in Utah

If your home is fully paid off, and

If you have enough cash in the bank, and

If you have a monthly income sufficient to pay all your bills,                                    

YOU DO NOT NEED A REVERSE MORTGAGE!

But

If you are still making mortgage payments, or

 If you need to have more cash in the bank, or 

If you need more monthly income to live comfortably, or

 If you need a lump some of cash to pay off bills, or 

Help a child go to college, or pay for a mission, or

Travel or do or buy??

MAYBE A REVERSE MORTGAGE IS FOR YOU!

For some a reverse mortgage is not needed; but 

For others a reverse mortgage is a God-send.

Why Lillie and Jim Chose a REVERSE MORTGAGE

(Ages 72 AND 77)

Lillie and Jim purchased a home in 2005:

Purchase Price…………$220,000.00

20% Down Payment...........44,000.00

30 Yr. @ 6.82%..............$176,000.00 loan amount

Their principle and interest payment was $1,000.00 a month for 30 years.  There are 360 monthly payments in a 30 year loan (12X30=360).  In five years they had made 60 payments but still had 300 ($1,000.00) payments left to pay.  In other words they had paid $60,000.00 of the $360000.00 but still had $300,000.00 more to pay.  They still had 25 years to go or 300 more $1,000.00 payments.

                              WHAT WERE THE OPTIONS?

Let the home go into foreclosure

Ask the children to make the mortgage payments

Put the home on the market and try to sell it.

Refinance the home 

Rent out the home.

Get an FHA Reverse Mortgage Loan 

What is a Reverse Mortgage - Reverse Mortgage in Utah

Reverse Mortgage for Seniors in Salt Lake City - 801-277-5100 Call Mark Hammond, Your Utah Reverse Mortgage specialist. Based in Salt Lake City, Utah. Learn about Reverse Mortgages and save!