Reverse Mortgage Counseling
Sun Country Home Solutions can now assist you with reverse mortgage counseling. As an objective 3rd party, let us educate you regarding the pros and cons of a reverse mortgage including potential costs, budgeting, and your responsibilities as a reverse mortgage recipient. Counseling is a requirement prior to obtaining a reverse mortgage from any lender and we would be happy to provide that service. Just give us a call at 435-218-7189.
What is a Reverse Mortgage?
A reverse mortgage is a loan available to homeowners, 62 years or older, that allows the client to convert part of the equity in their homes into cash, or just eliminate their mortgage payment in the event that there isn’t enough equity to take cash out.
This product was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care. However, there is no restriction on how reverse mortgage proceeds can be used.
This loan is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender may make payments to the borrower, depending on the equity you have in your home. If you don’t have excess equity, a reverse mortgage may allow you to eliminate your mortgage payment forever.
The borrower is not required to pay back the loan until the home is sold or otherwise vacated. As long as the borrower lives in the home as their primary residence, he or she is not required to make any monthly payments towards the loan balance. The borrower must remain current on property taxes, homeowners insurance and homeowner’s association dues (if applicable).
We charge an $25 fee for the packet of information we mail out to you and an $94.00 fee for the counseling itself. The standard fee at other counseling agencies in Utah and across the U.S. is $125.00 and up.
Let Sun Country Home Solutions talk to you about a reverse mortgage. As an objective third party, we can help you decide whether or not a Reverse Mortgage is right for you.