Cornerstones of Success
When it comes to helping individuals and families achieve successful homeownership, Academy is 1st CHOICE. For over 30 years, we have delivered exceptional mortgage service, in-house loan fulfillment, a broad portfolio of products and tools, and integrity-based mortgage banking.
Draper, UT 84020
A Home Equity Conversion Mortgage (HECM) is a government insured loan that enables homeowners a way to turn equity locked in their home into tax advantaged cash (consult your financial and/or tax advisor) giving you monthly mortgage payments options.These loans are insured by FHA and have a Mortgage Insurance Premium (MIP).
There are proprietary products for Reverse Mortgages that do not require MIP.
An important thing to remember is your name stays on title, so you own your property. Reverse Mortgages are non-recourse loans so there is no debt left to heirs. The property must be maintained and the home owners insurance, taxes, and HOA fees (if applicable) must be kept current.
Borrowers must be 62 years old or older (exceptions and conditions may apply), own the home, and must be the principal residence.
There is a calculation to determine the amount of money that is eligible to the borrowers. This calculation is based on age, appraisal of the home, and current interest rates.
Reverse Mortgages can be used to purchase a home, it can be used to refinance a first and/or second traditional mortgage, or if you own the home you can use the mortgage to access the equity. Other reasons could include: increasing monthly cash flow, hedge against inflation (contact your financial advisor), pay off credit card or medical bills, home repairs or improvements, travel, gifts, the list can go on.
I have been in the financial world for over 25 years. I have worked in various areas and studied different products and services. Currently I am a licensed mortgage loan officer at Academy Mortgage Corporation. I specialize in Reverse Mortgages. If not helping clients, I am usually serving with the Bountiful Rotary Club, or you can find me at my sewing machine working on some project.
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