Reverse Mortgage

Your home’s equity could be your best friend during retirement. You worked hard for that equity, and now it can work hard for you, allowing you to live comfortably at home during your golden years.

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Reverse Mortgage

Your home’s equity could be your best friend during retirement. You worked hard for that equity, and now it can work hard for you, allowing you to live comfortably at home during your golden years.

Suddenly, your home's equity turns into cash. It's magic (otherwise known as a reverse mortgage).

How a Reverse Mortgage Works—In a Word, EASILY.

A reverse mortgage is similar to a traditional home equity line, except you get to keep the money and retain ownership, 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 us the difference and keep the home. It's completely up to them.

Benefits of a Reverse Mortgage:

Reverse mortgages open doors for retirees to live more comfortably and/or give homeowners the option to keep their homes. Even more advantageous for retirees, a reverse mortgage does not impact Social Security or Medicare benefits. In addition, reverse mortgages can be used for recreational pursuits like:
  • Get quality long-term healthcare
  • Make home repairs and renovations
  • Travel or take a dream vacation
  • Buy a boat, RV or summer home
  • Pay off debts or taxes
  • Shore up your estate
  • And much more
Additionally, reverse mortgages have other, less visible benefits. some of these include:
  • Insured by the government
  • Provides access to extra tax-free income
  • You retain ownership of your home
  • No prepayment penalty
  • Receive funds in one lump sum, in regular monthly payments, as a line of credit or as a combination of the three

How to qualify:  Step one—have a 62nd birthday party.

If you are at least 62 years of age and have equity in your home, you can get a reverse mortgage.  How’s that for simple?  Yep, the golden years are going to be even more golden. 

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 US Housing & Urban Development. According to the guidelines, homeowners must:
  •  Be 62 or older
  • Agree to repay the loan at the current interest rate at the time the house is sold, the homeowner is no longer a resident, or when the homeowner dies
  • Dwell in a single family home or a two-to-four unit home where the borrower lives 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
Stay fully informed about your reverse mortgage when working with Mountain America Credit Union.
Our lending professionals can 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, or,
    • They can sell the home, repay the loan, and keep the remainder
  • Terms and conditions (like keeping up with insurance and taxes) for retaining the loan
  • How current interest rates impact the amount of the loan the homeowner receives
For more information, please call our reverse mortgage loan officer David Thompson at 801-325-6231 or submit the form below.


Contact us to learn more about reverse mortgages

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.

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