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Thinking about a Reserve Mortgage? You are in the right place. With so many options available, let Deseret First help find the right loan for you. Call a Deseret
First Mortgage Officer at 801-456-7095 and 1-800-326-3328 ext 7095 M-F 8:30 am- 5:30 pm.

How Does a Reverse Mortgage Work?

  • Loan for seniors that uses home equity as collateral
  • Pays off the current mortgage and any outstanding debts
  • Funds are tax-free, and can be used however the borrower chooses
  • Receive funds in one lump sum, in regular monthly payments, as a line of credit, or a combination of the three
  • Borrower retains ownership of the home

Use the Money For Anything

  • Make home repairs or renovations
  • Pay off debts or taxes
  • Cover health care costs
  • Travel or take a dream vacation
  • Shore up your estate

Retain Ownership of the Home

  • Loan does not have to be repaid until the last surviving borrower permanently moves out or passes away
  • Borrower retains ownership of the home

Requirements

  • Must be age 62 or older
  • Live in the home as your primary residence
  • Continue to pay for property related charges such as property taxes, homeowner’s insurance, HOA fees, etc.
  • Maintain the residence according to FHA requirements
  • OAC

With so many options available, let Deseret First help find the right loan for you. Call a Deseret
First Mortgage Officer at 801-456-7095 and 1-800-326-3328 ext 7095 M-F 8:30 am- 5:30 pm.

*This material is not from HUD or FHA and has not been approved by HUD or a government agency.

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