Your home has been working for you all along.
A HECM reverse mortgage lets Utah homeowners 62 and older turn their home equity into usable cash — with no required monthly mortgage payments and no restrictions on how you spend it.
What you can do with the cash
What would you do with the equity in your home?
There are no restrictions on how you use your HECM proceeds. Here are the most common ways Utah homeowners 62 and older are putting their equity to work.
Eliminate your mortgage payment
Pay off your existing mortgage and free up hundreds of dollars every month — with no new required payment to replace it.
Supplement retirement income
Fill the gap between Social Security and your actual living expenses with a steady monthly advance from your home equity.
Pay off high-interest debt
Use a lump sum to eliminate credit cards, car loans, or medical bills — and reduce the monthly pressure on your budget.
Remodel or repair your home
Fund the kitchen update, bathroom remodel, or age-in-place modifications you've been putting off — without a monthly payment.
Cover medical or care expenses
Fund in-home care, health insurance gaps, Medicare costs, or long-term care — keeping you at home and out of a facility.
Protect your investment portfolio
Use a reverse mortgage line of credit as a standby safety net, avoiding forced portfolio withdrawals during market downturns.
Help with education costs
Contribute to a child's or grandchild's college or professional education — a meaningful way to leave a legacy now.
Live the retirement you imagined
Travel, pursue hobbies, spend time with family — whatever "freedom" means to you, your home equity can help fund it.
Choose how you want to receive your money
A HECM gives you flexibility most loans don't. You can take your funds in the way that fits your retirement plan — or mix and match.
Why a HECM is different from a home equity loan or HELOC
Utah homeowners often ask how a reverse mortgage compares to a standard home equity loan or line of credit. The difference is significant — especially for retirees on a fixed income.
- No required monthly payment — ever. You decide if and when you pay.
- The line of credit cannot be frozen or cancelled as long as you meet loan obligations.
- Unused credit line grows over time — the longer you wait, the more you have available.
- Non-recourse protection: you or your heirs never owe more than the home is worth.
- FHA-insured by the federal government — not a product created by a private lender.
How the process works
From first conversation to funded loan, here is what getting a HECM reverse mortgage looks like with Reverse Freedom Mortgage in Utah.
Free consultation
Chad or a team member walks you through the basics, answers your questions, and runs your numbers — at no cost.
HUD-approved counseling
FHA requires every borrower to complete a session with an independent HUD-approved counselor. We'll help you schedule it.
Application & appraisal
We submit the application and order a home appraisal. Most Utah homes in Salt Lake County, Utah County, and the Wasatch Front qualify.
Underwriting & approval
The loan goes through FHA underwriting. We keep you informed at every step and handle the paperwork.
Closing & funding
You sign at closing and receive your funds within days. Your first disbursement arrives in the method you chose.
Everything Utah homeowners ask about HECMs
What is a HECM reverse mortgage?
A HECM (Home Equity Conversion Mortgage) is a government-insured reverse mortgage that allows Utah homeowners aged 62 and older to convert part of their home equity into cash — as a lump sum, line of credit, monthly payments, or any combination. There are no required monthly mortgage payments. The loan is repaid when the last borrower permanently leaves the home.
What are the basic requirements to qualify in Utah?
You must be at least 62 years old, own your home (or have significant equity), and live in it as your primary residence. The home must meet FHA property standards. Most single-family homes, FHA-approved condos, and manufactured homes across Salt Lake City, West Jordan, Provo, Ogden, Draper, and throughout Utah qualify.
Can I get a HECM if I still have a mortgage balance?
Yes — and this is one of the most common scenarios we see. If you have sufficient equity, your HECM proceeds first pay off any existing mortgage. The remaining funds are yours to use however you choose. Many Utah homeowners use this specifically to eliminate their monthly mortgage payment entirely.
How much money can I get from a HECM?
The amount depends on your age, home value, current interest rates, and FHA lending limits. Generally, the older you are and the more equity you have, the more you can access. Use our free reverse mortgage calculator for a quick estimate, or call (801) 921-HOME to talk through your specific situation.
How is a HECM different from a home equity loan or HELOC?
The key difference: a HECM has no required monthly payment. A home equity loan or HELOC requires you to make monthly payments — which can be a significant burden on a fixed retirement income. A HECM line of credit also grows over time and cannot be cancelled or reduced as long as you meet loan obligations, unlike a HELOC which banks can freeze.
Will a HECM affect my Social Security or Medicare benefits?
HECM proceeds generally do not affect regular Social Security or Medicare benefits, as the funds are considered loan proceeds, not income. However, needs-based benefits such as Medicaid and Supplemental Security Income (SSI) may be impacted if proceeds are not spent in the same month they are received. We recommend consulting a financial professional about your specific situation.
What happens to my home and my heirs when I pass away?
The loan becomes due when the last borrower permanently leaves the home. Your heirs have options: they can repay the loan balance (typically through the sale of the home) and keep the remaining equity, or they can simply sell the home, repay the loan, and keep the rest. Because a HECM is a non-recourse loan, the debt can never exceed the home's appraised value at the time of repayment — so your heirs will never owe more than the home is worth.
What fees are involved with a HECM?
With the exception of a fee for the required HUD-approved counseling session, most HECM fees — including the origination fee, closing costs, and FHA mortgage insurance premium — can be financed into the loan, so there is typically no out-of-pocket expense at closing. These costs are added to the loan balance and repaid when the loan becomes due. We walk every Utah client through a full, transparent cost breakdown before they commit to anything.
Ready to see your numbers?
Every situation is different. Our West Jordan team will show you exactly what a HECM would look like for your home, your equity, and your retirement goals — at no cost and with no pressure to move forward.
Utah's reverse mortgage specialists since 2008. Helping Utah retirees live the retirement they imagined.
HUD/FHA Notice: This material is not from HUD or FHA and has not been approved by HUD or a government agency.
Loan Repayment: A reverse mortgage is a loan that must be repaid. Borrowers must continue to pay property taxes, homeowners insurance, and maintain the property as a primary residence. Failure to do so may result in foreclosure.
Reverse Freedom Mortgage is licensed in the State of Utah. NMLS #1382816, Utah DRE License #9441193.
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