Home Equity Options With Houzd Mortgage

Reverse Mortgages
in Utah

Explore whether your home equity could support your next chapter. Our Houzd Mortgage team will help you compare costs, responsibilities, and alternatives.

Talk to a Loan Officer Start Your Application

The Basics

What is a reverse mortgage?

A reverse mortgage lets eligible homeowners borrow against home equity. The most common type is the FHA-insured Home Equity Conversion Mortgage (HECM), for borrowers age 62 and older.

You retain title. No monthly principal and interest payments are required while loan obligations are met. Interest and fees accrue, increasing the balance and using home equity.

Start with a conversation and a clear comparison.

We'll help you understand how the loan could fit your budget and long-term housing plans.

Why Consider It?

Explore ways to use your equity.

Consider the possibilities alongside the costs and obligations.

Review Monthly Cash Flow

Paying off an existing mortgage may remove its principal and interest payment. Property expenses continue.

Access Available Equity

Existing mortgage payoff, loan costs, and required set-asides reduce available proceeds.

Compare Payout Choices

Options can include a line of credit, monthly advances, or a lump sum.

Remain in Your Home

Keep the home as your primary residence while meeting ongoing loan requirements.

Buy Your Next Home

HECM for Purchase combines your cash contribution with reverse mortgage financing.

Plan With Your Advisors

Review the proposal with your financial advisor and anyone you want involved.

Receiving Your Funds

How can you receive the money?

Available proceeds depend on age, interest rates, home value, program limits, and required payoffs.

Fixed-rate HECMs offer a single lump sum. Adjustable-rate HECMs offer additional payout choices. Withdrawal limits apply.

Credit Line

Access as Needed

Draw available funds over time under your loan terms.

Monthly

Scheduled Advances

Choose a term or tenure payout plan where available.

Lump Sum

An Upfront Advance

Receive an amount subject to program limits and required payoffs.

Combination

Combine Options

Combine monthly advances with a line of credit when available.

Homeowner Responsibilities

What do you still need to pay?

You remain responsible for property taxes, homeowners insurance, applicable HOA dues, maintenance, and other required property charges.

You must meet occupancy and other loan obligations. Failure to do so can make the loan due and lead to foreclosure.

Understand the complete cost.

HECM costs include closing fees, interest, and upfront and ongoing mortgage insurance. Financed costs add to your balance and reduce available proceeds.

Local Mortgage Guidance

Reverse Mortgage Guidance for Utah Homeowners

Based in Draper, our Houzd Mortgage team helps homeowners across Utah, including Salt Lake, Utah, Davis, and Weber counties.

Whether you're exploring equity in your current home or planning a move, bring us your questions and goals.

We'll help you compare the numbers and discuss the next steps.

Meet our Houzd Mortgage loan officers

Reviewing Eligibility

Who may qualify for a HECM?

Key requirements include:

Borrowers age 62 or older.

An eligible primary residence.

Enough proceeds or other funds to pay off existing mortgages.

A property meeting required standards.

Financial assessment of ongoing property obligations.

Counseling with a HUD-approved reverse mortgage agency.

We'll also review spouse protections, other eligibility conditions, and alternatives.

The Process

Clear answers at every step.

Take time to understand the proposal before deciding.

Discuss Your Goals

Share your home, finances, and plans.

Compare the Numbers

Review proceeds, costs, and alternatives.

Complete Counseling

Meet with an independent HUD-approved counselor.

Finalize Your Loan

Complete documentation, appraisal, underwriting, and closing.

Questions

Utah Reverse Mortgage FAQ

Can I get a reverse mortgage in Utah?

Yes. Eligible Utah homeowners may qualify for a HECM, subject to age, property, equity, counseling, and financial assessment requirements.

Does the lender own my home?

No. You retain title, and the loan is secured by the home. You must meet the loan obligations to avoid default and possible foreclosure.

Do I still make monthly mortgage payments?

No monthly principal and interest payments are required while loan obligations are met. Interest and fees accrue. Taxes, insurance, maintenance, and applicable property charges remain your responsibility.

Can I qualify if I still have a mortgage?

Possibly. Existing mortgages must be paid off at closing using reverse mortgage proceeds, your funds, or both.

When does a reverse mortgage become due?

Generally, when the last borrower dies, sells, or stops occupying the home as a primary residence. Eligible non-borrowing spouse protections may apply. Failure to meet obligations can trigger repayment sooner.

What if I move into long-term care?

An absence exceeding 12 consecutive months for medical care can trigger repayment if no co-borrower remains. Spouse protections depend on eligibility. Contact the servicer before making plans.

Can my family inherit the home?

Yes, but the reverse mortgage must be resolved when due. Heirs should contact the servicer promptly about keeping or selling the home, repayment options, and deadlines.

Can I buy a Utah home with a reverse mortgage?

HECM for Purchase may finance an eligible primary residence. You contribute cash for the difference between the purchase price and loan proceeds, plus applicable closing costs.

Is a reverse mortgage right for everyone?

No. Compare costs, expected time in the home, future care needs, and estate goals. Alternatives may include downsizing, refinancing, or a home equity loan.

How do I get started?

Talk to a Houzd Mortgage loan officer about your home and goals. We'll explain the information needed for an initial review.

Your Utah Home.
Your Next Chapter.

Let's review your equity, answer your questions, and compare your options.