Reverse Mortgage Utah & Texas

The Ins and Outs of Reverse Mortgage

A reverse mortgage is a type of loan that is used by homeowners at least 62 years old who have considerable equity in their home. By borrowing against their equity, seniors get access to cash to pay for cost of living expenses late in life.

What is a Reverse Mortgage?

A reverse mortgage is a unique financial tool that allows homeowners 62 years and older to tap into the equity they have earned in their home. Reverse mortgages are safe, sound, and have been around since 1961. In fact, more than one million households have now used a reverse mortgage.

How Does a Reverse Mortgage Work?

At heart, a reverse mortgage is fairly simple. It starts with someone who already owns a house and has either has considerable equity in their home (usually at least 50% of the property value) or has paid it off entirely. The owner then borrows money against the equity in their home without having to make monthly mortgage payments.

How Do I Qualify for a Reverse Mortgage?

There are three primary qualifications that must be met in order to qualify for a reverse mortgage:

  • You must be at least 62 years old
  • You must own your home
  • The home must be your primary residence

How Much Are You Eligible To Receive?

The amount of funds you can access from a reverse mortgage is based on a number of different factors- age of youngest borrower, home value, and current interest rates. You can choose to receive those funds in the form of a lump sum, a line of credit, monthly payments, or a combination. Funds received are tax-free and may be used for virtually anything.

How Can I Find Out if a Reverse Mortgage is Right for Me?

Reverse mortgages have helped more than one million Americans use the equity in their home to enjoy greater financial flexibility and stability in retirement.

Contact our office for a complimentary consultation (no obligation) to discover all of the details and if a reverse mortgage is a good fit for you, your situation, and your long-term goals.

helping you in retirement

4 Ways A Reverse Mortgage Can Help You In Retirement

Buy Your Retirement Home

Use a reverse mortgage to move into a home that meets your long-term goals without incurring mortgage payments on your new home.

Eliminate Monthly Mortgage Payment

Allocate proceeds from your reverse mortgage to effectively eliminate your monthly mortgage payment.

Access Cash Now

Tap into the equity of your home to use towards home improvements, healthcare costs, or other major expenses.

Save For A Rainy Day

Create a growing line of credit as a standby safety net that can be used when unexpected expenses arise.

Request A Refinance Review

Click To Apply


Stories From People Like You

Always has my best interest first. Always gives good options and not always just 1 or 2. They are able to discuss all decisions in a great financial manner that all can understand and also towards any goals you as a consumer want to accomplish.

Richie Harris

Friendly, Caring, Responsive, Professional! I will use them again and again . . and encourage everyone I know to use them as well!

M Christensen

GreenStreet Mortgage is a great place to get a new mortgage or even to refinance an existing loan. I’d highly recommend giving them a call. They are easy to work with and very professional.

David Rogers