Below is the most common process for getting a Utah reverse mortgage. Our mortgage brokers are eager to help you understand the reverse mortgage process. Please contact us with any questions.
Step 1 - Research Reverse Mortgages
Speak with a mortgage professional about reverse mortgage options. Familiarize yourself with the various types of reverse mortgages and pick the one that is right for you.
Step 2 - Meet with a HUD-approved counselor
In order to receive a reverse mortgage, you must meet with a HUD-approved counselor who will help you understand what it means to have a reverse mortgage. This is free to do and we can help find a counselor in your area.
Step 3 - Fill out our Reverse Mortgage Application
After you’ve determined which program best suits you fill out our reverse mortgage application. Your information is securely stored and transmitted.
Step 4 - Your application is processed and your home is appraised
While your application is being processed a licensed appraiser will determine if your house needs any kind of repair. Any problems must be fixed before you can be approved.
Step 5 - Your loan reaches underwriting
All details are worked out and your loan is underwritten. Additionally, it will be determined whether you’ve been approved or not.
Step 6 - Your loan is ready for closing
Once you are approved your loan will enter closing where you’ll get the chance to review the terms and sign the paperwork.
Step 7 - Receive your payments
After closing, you’ll have three business days in which to cancel the loan. Once that grace period is up, you’ll start to receive either your monthly payment or your lump sum.
Step 8 - Repaying your Reverse Mortgage
Your reverse mortgage loan becomes due under the following circumstances.
Homeowner death
Sale of home
The home is no longer your primary residence
Not paying property charges, including property taxes, fees, and hazard insurance
Not maintaining the property
For a full list of circumstances that would cause the loan to become due, please click here.
*HUD Mortgagee Letter 2014-10 - This material is not from HUD or FHA and has not been approved by HUD or any government agency.
