Reverse Mortgages and Home Loans for Seniors | St. George Utah
Sun American Mortgage does more reverse mortgages than any other company in the Southwest! Choose a local expert with the lowest cost.
A reverse mortgage or home equity conversion mortgage (HECM) is a type of home loan for older homeowners (62 years or older) that requires no monthly mortgage payments. This is an FHA insured loan. A reverse mortgage loan allows those who are at least 62 years of age, or older, to pay off a forward mortgage loan or use the equity in their home for other purposes. In general terms, a borrower needs at least 40 to 57% (depending on age) in equity to be able to purchase or refinance with a reverse mortgage loan.
When health issues arose and we could no longer stay in our home because my husband needed a one level home. Knowing this would be our final home, we chose to do a Reverse Mortgage.
