If you are 62 or over, you may be eligible to purchase your next home with no mortgage payments for the rest of your life! It can be a great solution if you are looking to downsize and purchase a smaller home to retire in. The equity in your current home can be used as a down payment on the new home and could eliminate the need for any future mortgage payments!
A reverse mortgage isn’t right for everyone but can often be a valuable retirement investment tool. Contact your Utah Mortgage Loan Officer for a personalized review of your situation.