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Reverse Mortgage Information Brigham City UT

A typical mortgage is created when a lender provides you with a lump sum amount of cash to purchase real estate. In consideration of this, you agree to repay the mortgage on a monthly basis for a defined time period at a particular interest rate.

Box Elder County Federal Credit Union
(435) 723-3437
1023 South Medical Drive
Brigham City, UT
 
Liberty Mortgage Of Utah LLC
(435) 257-6936
26 North Tremont Street
Tremonton, UT
 
Envision Mortgage Inc
(435) 257-0466
112 South Main
Garland, UT
 
Cache Mortgage
(435) 723-1919
50 South Main Street
BRIGHAM CITY, UT
Services
Mortgage Brokers

North Star Mortgage
(435) 723-0885
Brigham City, UT
 
Republic Mortgage Home Loans LLC
(435) 257-8804
230 E Main St
Tremonton, UT
 
Fidelity First Funding Inc
(801) 737-3533
2271 N Washington Blvd
North Ogden, UT
 
Meridias Capital Inc
(435) 232-4478
453 W 225 S
Providence, UT
 
Mountain West Bank
(435) 723-9512
110 South Main Street
BRIGHAM CITY, UT
Services
Mortgage Brokers

Bank of Utah
(435) 723-9313
80 East 800 South
BRIGHAM CITY, UT
Services
Mortgage Brokers

Reverse Mortgage Information

Tell Me About Reverse Mortgage

If you own a home, you know mortgage products have moved beyond the basic 30 year fixed option. Let me tell you about reverse mortgage options, a new product that is very popular.

Tell Me About Reverse Mortgage

A typical mortgage is created when a lender provides you with a lump sum amount of cash to purchase real estate. In consideration of this, you agree to repay the mortgage on a monthly basis for a defined time period at a particular interest rate. The length of the repayment period and interest rate, whether fixed or adjustable, set the monthly payment amount.

A reverse mortgage works in a similar way, but backwards. It is a fact that the baby boomer generation is moving into their retirement years. A high percentage own homes with significant amounts of equity in them. The problem, of course, is equity is a fixed asset, to wit, you can't see it in your bank account. Traditionally, the best way to turn this hard asset into cash was to sell the property and move down to something cheaper. You then pocketed the difference in the form of cash.

Many people, however, are attached to their homes. A good portion of your life, including raising a family, may have occurred in your home and it is emotionally difficult to sell it. On top of that, tax issues may take a bite out of the cash you receive. Throw in the pure misery of attempting to move all of your valuables that have been accumulating for 15 or 30 years and selling your home starts to look like a dubious option at best.

Lenders being the ultimate capitalist, they have come up with a solution for this problem. The reverse mortgage. A reverse mortgage allows you to convert much of your equity into tax-free cash without having to take on a monthly payment obligation. You don't have to sell the home, go through the moving process or make any monthly payments to a lender.

A reversed mortgage gets its name from the payment process. Unlike a traditional home loan, a ...

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