Reverse Mortgage

Reverse Mortgage

Reverse Mortgage Services in West Jordan, Utah

Are you considering a reverse mortgage and wondering if it’s the right option for you? Rightsize Homes Realty specializes in helping you understand reverse mortgage products and how they could fit into your financial and lifestyle plans. A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), can be a powerful financial tool. Whether you’re looking to unlock the equity in your current home, increase retirement income, or purchase a new home without the burden of monthly mortgage payments, our team is here to guide you through the process. We partner with Reverse Freedom Mortgage, a local expert specializing in HECM products. They offer solutions for refinancing your home or purchasing a new one. Our consultations equip you with the knowledge you need to make informed decisions.

Reverse Loan Consultations

We offer in-depth consultations to explore:

  • Is a reverse mortgage right for you?
  • Should you stay in your current home or consider relocating?
  • How do reverse mortgages impact heirs and estates?

You’ll leave our consultation fully prepared to meet with a loan officer and ask the right questions.

Reverse Loan Products Explained

  1. HECM for Cash

Unlock the equity in your home and put it to work for you:

  • Remodel or repair your home
  • Support your children’s or grandchildren’s education
  • Cover medical or long-term care expenses
  • Supplement your retirement income

With these options, you can enjoy financial freedom while continuing to live in your home.

  1. HECM as a Financial Tool

Some HECM products, like reverse mortgages, offer additional financial benefits. Our team will help you understand how this tool might reduce withdrawals from retirement accounts or provide other strategic advantages.

  1. HECM for Home Purchases

If you want to move into a new home, HECM loans can be used to purchase a property, whether a new construction or an existing home. Imagine living in a beautiful, upgraded home without monthly mortgage payments. Even if your current home is paid off, this option could reduce your expenses and improve your quality of life.

  1. Specialized Reverse Mortgage Products

Explore less common reverse mortgage options such as:

  • Deferred Payment Loans
  • Property Tax Deferral Loans
  • Proprietary Reverse Mortgages

These alternatives may suit specific needs, and we’ll connect you with the right professionals to explore these further.

Rightsize Homes Realty

Why Choose Rightsize Homes Realty?

Clear Answers to Complex Questions

Confused by reverse mortgage jargon? We break it down in plain language so you fully understand your options without the stress of overwhelming financial terms.

A Plan That Puts Your Family First

Are you worried about how a reverse mortgage affects your heirs? We provide clarity on how your decision impacts your family so that you can protect their interests, too.

Local Knowledge That Works for You

Are you concerned about out-of-touch advice? We understand West Jordan’s housing market and will guide you based on real, local insights—not generic, one-size-fits-all solutions.

FAQs

Frequently Asked Questions

Reverse mortgages last as long as you live in your home. You won’t be required to repay the loan as long as you maintain the property and meet loan obligations.
While not required, you can choose to make payments toward the interest or principal to reduce the loan balance and preserve more equity in your home.
Funds received from a reverse mortgage are generally not considered taxable income. However, interest accrued is not tax-deductible until the loan is paid off.
You can sell your home at any time. The reverse mortgage balance would be paid from the sale proceeds, and any remaining equity belongs to you.
A non-recourse feature means you or your heirs will never owe more than the home’s value at the time of repayment, even if the loan balance exceeds that amount.