The short answer
A reverse mortgage allows eligible homeowners to borrow against home equity. An FHA-insured Home Equity Conversion Mortgage (HECM) generally requires borrowers to be at least 62, meet eligibility rules, and occupy the home as their primary residence.
Mortgage guidance with Jennifer Reich · NMLS 162239
A reverse mortgage is a loan, not a government benefit or free money. Interest and fees can increase the balance over time, reducing remaining equity.
For a HECM, required counseling and a financial assessment help evaluate the decision. Consider effects on a spouse, heirs, benefits, and long-term housing plans with appropriate professional advice.
What obligations continue?
Even when monthly principal-and-interest payments are not required, borrowers must meet the loan's obligations, including property taxes, homeowners insurance, maintenance, and primary-residence requirements. Failure to meet obligations can lead to foreclosure.
When does repayment become due?
Repayment generally becomes due when the home is sold, the borrower no longer uses it as a primary residence, or other loan conditions are triggered. Rules for surviving spouses and heirs depend on the circumstances and loan requirements.
Who may want to explore it
- Eligible older homeowners evaluating equity access
- Households reviewing long-term housing and estate considerations
Documentation & eligibility
- Age, identity, occupancy, and property information
- Existing mortgage and lien details
- Income, assets, and required counseling documentation
Benefits
- Eligible borrowers may access a portion of home equity
- HECM proceeds options depend on the loan structure
Tradeoffs
- Interest and fees can grow the balance and reduce equity
- Taxes, insurance, maintenance, and occupancy obligations continue
- Loan obligations and repayment triggers can affect heirs
Questions to ask Jennifer
- How would this affect my spouse and heirs?
- What obligations and repayment events apply?
- How does this compare with other equity or housing options?
Reverse Mortgage Loans: common questions
Does a reverse mortgage eliminate all housing payments?
No. You must still pay required property taxes and insurance, maintain the home, and satisfy occupancy and other loan obligations. Falling behind can lead to foreclosure.
Is age 62 enough to qualify for a HECM?
No. Age is one requirement. Equity, eligible property, primary-residence use, counseling, financial assessment, and other program conditions also apply.
Utah mortgage guidance
A local conversation. A property-specific plan.
Jennifer serves borrowers in Davis County and Washington County from her Kaysville office. Eligibility depends on your financial profile, the actual property, and the loan program—not simply the city where you buy.
Office: 69 East 200 North, Suite A, Kaysville, UT 84037. Programs and terms are subject to underwriting and may change.