Reverse Mortgages

Feel financial peace of mind during retirement
You worked hard for your home equity. Now it can work hard for you in the form of a reverse mortgage. This service allows you to live comfortably at home during your golden years.

Live retirement your way

Get the funds to meet short-term financial goals and plan for a more secure retirement. A Mountain America reverse mortgage opens the doors for you to live more comfortably during retirement and gives you the option to keep your home. Social Security and Medicare benefits are not affected by a reverse mortgage.


What is a reverse mortgage?

A reverse mortgage is similar to a traditional home equity line, except you get to keep the money and retain ownership of your home, without making a monthly payment.* At the end of your reverse mortgage—that is, when you permanently move out or pass away—the money you've used, plus interest, is deducted from the value of your house. Your heirs can then sell the house and receive the balance. Or they can pay the difference and keep the home. It's completely up to them.


Ways a reverse mortgage can be used

  • Quality long-term healthcare
  • Home repairs and renovations
  • Travel and vacations
  • A boat, RV or summer home
  • Paying debts and taxes
  • Shoring up your estate
  • And much more

Take the first step

To find out if a reverse mortgage is right for you, call us at 801-325-6231.

*Foreclosure may occur if the consumer lives somewhere other than the home longer than allowed by the loan agreement or does not pay property taxes or insurance premiums. Consumers must make payments for taxes and insurance during the term of the reverse mortgage. Reverse mortgage costs may vary and less expensive options may be available. A reverse mortgage may affect eligibility for some government programs, including Supplemental Security Income (SSI) and Medicaid. In order to retain the home when the reverse mortgage becomes due, the consumer or the consumer’s heirs or estate must pay the entire loan balance and, the balance may be greater than the value of the consumer’s home. Sale of the home by the borrower may cause payments or access to a line of credit to end or consumers would be required to repay a reverse mortgage during their life. A reverse mortgage is a loan that must be repaid. Actual APR based on credit worthiness. On approved credit. Membership required – based on eligibility.

View dispute and mortgage servicing contact information.

Foreclosure Prevention

How to qualify for a reverse mortgage

As is the case with any sizable loan, there are specific regulations for getting and maintaining a reverse mortgage. Here are a few eligibility requirements for reverse mortgages, as noted by U.S. Housing & Urban Development (HUD):

  • Be 62 or older.
  • Agree to repay the loan at the current interest rate upon any of the following: at the time the house is sold, after the homeowner is no longer a resident or when the homeowner dies.
  • Dwell in a single family home, or in a two-to-four unit home where you live in at least one unit (co-ops do not qualify).
  • Be able to keep up with property taxes and insurance.
  • Not have any liens against the existing mortgage.

Due to the requirements involved, it’s wise to speak with one of our reverse mortgage specialists. They can also help explain:

  • Why it might be advantageous to list more than one borrower on the reverse mortgage.
  • The roles and responsibilities of homeowners once the home is either no longer occupied by the borrower(s), as well as how family members can keep the home in the event the borrower passes away. There are two solid options for this:
    • Family members can buy back the loan and keep the home for themselves.
    • They can sell the home, repay the loan and keep the remainder.
  • Terms and conditions for retaining the loan, such as keeping up with insurance and taxes.
  • How current interest rates impact the amount of the loan the homeowner receives.

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