Finance
A reverse mortgage in Utah is available to homeowners who are:
AAny age, as long as they own their home outright
BAge 62 or older, as a way to tap home equity without monthly payments✓ Correct
COnly age 55+ with an FHA-approved property
DAny age if the loan is through a Utah state program
Explanation
A Home Equity Conversion Mortgage (HECM, or reverse mortgage) is available to homeowners 62 and older. It allows them to convert home equity to cash without monthly payments; the loan is repaid when the last borrower moves out, sells, or dies.
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