http://www.weloanutah.com Utah Reverse Mortgage Expertise by Utah Reverse Mortgage Lenders Tue, 17 Feb 2009 21:55:04 +0000 http://backend.userland.com/rss092 en I recently read an article that indicated that several places in the midwest were starting to see a turn-around in the value of homes. Instead of staying relatively stagnant, the inventory is starting to decrease which means that supply v. demand will begin to change the direction of home prices. This ... http://www.weloanutah.com/utah-reverse-mortgage/home-values-starting-to-rise/ We often speak with seniors who don't understand the costs associated with a reverse mortgage and then when presented with the costs are surprised and prior to getting more information choose not to proceed. I want to make a few comparisons on costs so that the pricing makes more sense. A ... http://www.weloanutah.com/utah-reverse-mortgage/reverse-mortgage-misunderstandings/ The loan repayment is triggered when the home is sold or is no longer occupied as your primary residence. In a case of more than one borrower, repayment is triggered when the last borrower permanently moves out of the home. Until one of these events takes place, the last borrower ... http://www.weloanutah.com/utah-reverse-mortgage/when-does-the-reverse-mortgage-loan-need-to-be-repaid/ A reverse mortgage is a "non-recourse" loan which means that you, your heirs, or your estate cannot be required to repay more than the appraised market value of the home at the maturity of the loan. If the loan balance exceeds the value of the home, you, your heirs, or ... http://www.weloanutah.com/utah-reverse-mortgage/can-i-owe-more-than-my-home-is-worth/ There are no special requirements for a Utah Reverse Mortgage. As long as you have equity in your home, are 62 years old or older, you can qualify for a reverse mortgage. You don't need to have income or any special financial requirements including a certain credit score. A reverse mortgage ... http://www.weloanutah.com/utah-reverse-mortgage/requirements-for-a-utah-reverse-mortgage/ If you have an existing mortgage, you can still qualify for a reverse mortgage. The way this works is that the reverse mortgage must be in the first lien position so any existing debt must be paid off. You can take funds from the reverse mortgage to pay off the ... http://www.weloanutah.com/utah-reverse-mortgage/can-you-still-get-a-reverse-mortgage-if-you-have-a-mortgage/ One of the best features about reverse mortgages is the mandated 3rd party counseling built into the program to protect the consumers, in this case seniors who tend to be targets for fraud. The counseling insures that you understand the program and review alternatives prior to applying for a reverse ... http://www.weloanutah.com/utah-reverse-mortgage/why-counseling-is-important-for-reverse-mortgages/ With a reverse mortgage, seniors age 62 or older can convert the equity in their homes into a tax-free income without having to sell the home. With a reverse mortgage, you won't have to give up title or take on any new monthly mortgage payments. A reverse mortgage is just ... http://www.weloanutah.com/utah-reverse-mortgage/what-is-a-reverse-mortgage/ Many lenders now have "conventional" reverse mortgages that feature several of the same consumer protections but are not insured by the federal government. These types of reverse mortgages do require mandatory counseling and asset protection, meaning the non-recourse feature that limits the amount you owe to the value of the ... http://www.weloanutah.com/utah-reverse-mortgage/conventional-utah-reverse-mortgages/ Fannie Mae is the largest investor of mortgages in the nation and also a major investor of reverse mortgages. This also includes the federally insured Home Equity Conversion Mortgage (HECM). As an alternative to the HECM, Fannie Mae created the Home Keeper reverse mortgage. This was developed to address issues with ... http://www.weloanutah.com/utah-reverse-mortgage/fannie-mae-home-keeper-reverse-mortgage/