Utah Reverse Mortgage LendersUtah is home to St. George, population of about 75,000, is one of the more popular cities for older seniors to live. The largest city in Washington County, St. George has ranked among the top in the reverse mortgage charts based on originations. Median home value for the city is about $225,000. Other cities within Utah that are popular for reverse mortgages include Salt Lake City, West Jordan, South Jordan (Daybreak), West Valley City, Provo, Orem, Sandy, Layton, Lehi, Murray and Logan.
A reverse mortgage loan requires borrowers to be at least 62 or older, live in a HUD approved property and of course have home equity. Many experts will recommend downsizing your home or exploring any other possible option before opting for a reverse mortgage since it is technically a negative amortization loan. However, many seniors do not have enough income to qualify for traditional loans which leads to reverse mortgages being the last viable option.
Featured Utah Reverse Mortgage Lender
American Advisors Group (AAG)
Citywide Home Loans, CHL Mortgage
1st Reverse Mortgage USA
American Liberty Mortgage Inc.
Patriot Home Mortgage
Proficio Mortgage Ventures, LLC
Sun American Mortgage Company
Liberty Home Equity Solutions, Inc.
Most Loans By City in FloridaBelow are the most popular cities in Florida with the number of HECM reverse home loans originated since 2017. As you can see, it is no surprise that Saint George tops the list. Not too far behind are Salt Lake City, Sandy, St George and Washington. The average initial principal limit varies from city to city. This amount depends on the age of the borrower, property value and equity in the property. For instance, in Salt Lake City, the average initial principal limit was $206,523 and in West Valley City, the average was $139,404 but over in Layton, the average initial principal amount was $176,238.
|2||Salt Lake City||97|
|7||West Valley City||42|
Source: U.S. Department of Housing and Urban Development