Mona Utah Reverse Mortgage

Your Mona Reverse Mortgage Guide

Welcome to Mona

As a homeowner in Mona, you have worked hard to build equity in your home. Now, that equity can work for you in your retirement years with a reverse mortgage refinance loan. This type of loan allows you to tap into the equity you have built up in your home without the obligation to make monthly payments. Instead, the loan is repaid when you sell the home or pass away. Reverse mortgage loans can provide financial stability and peace of mind, allowing you to enjoy your retirement and age in place in the comfort of your own home.

Reverse Mortgage

Explore the possibilities of a Reverse Mortgage! Free yourself from worrying about monthly bills and take back control of your financial future. With a Reverse Mortgage, you can unlock the power of your home’s equity while maintaining ownership of your home. Find out today how you can start on the road to financial freedom.

Learn More about a Reverse Mortgage

Reverse Mortgage for Purchase

Did you know you can use a reverse mortgage to purchase a new home? A reverse mortgage for purchase allows seniors to buy a new home without making any monthly mortgage payments. Instead of getting an upfront lump sum payment like other reverse mortgages, the loan is used to purchase a new primary residence.

Learn More about a Reverse Mortgage for Purchase

HECM to HECM Refinance

A HECM (Home Equity Conversion Mortgage) to HECM refinance, also known as a HECM loan refinance, is a type of reverse mortgage that allows a borrower to refinance an existing HECM loan with a new one. This can be beneficial for several reasons, such as lowering your interest rate, changing the loan terms, accessing additional equity, and improving your financial situation.

Learn More about a HECM to HECM Refinance

Cash Out Reverse Mortgage

A Reverse Mortgage allows you to take cash out of your house and use the equity in your home for the things you want. You can receive your cash as a lump sum, fixed monthly payment, or line of credit.

Learn More about a Cash Out Reverse Mortgage

Jumbo Reverse Mortgage

A Jumbo Reverse Mortgage is a reverse mortgage that allows homeowners to borrow more money than allowed with a traditional HECM reverse mortgage. This is because a Jumbo Reverse Mortgage is not limited by the same lending limits set by the Federal Housing Administration (FHA) for standard HECM loans. With a Jumbo Reverse Mortgage, you can access more of the equity in your high-value home.

Learn More about a Jumbo Reverse Mortgage

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Mona Approved Reverse Mortgage Counseling Agencies

HUD Approved HECM Counseling Agencies

The following is the internet website address and telephone number provided by HUD for the purposes of acquiring HECM counseling:

National Counseling Agencies

ClearPoint Financial Solutions
(800) 251-2227
https://www.clearpoint.org/

Money Management International
(877) 908-2227
https://www.moneymanagement.org/

Credit.org
(800) 947-3752
https://www.homeownership.org/

National Foundation for Credit Counseling
(866) 698-6322
https://www.nfcc.org/

Greenpath
(888) 860-4167
https://www.greenpath.com/

Navicore
(866) 855-7736
https://navicoresolutions.org/

Guidewell Financial Solutions
(800) 882-6171
https://www.guidewellfs.org/

NeighborWorks America
(202) 760-4000
https://www.neighborworks.org/

Housing Options Provided for the Elderly (HOPE)
(844) 432-6467
https://hopeforseniorsstl.org/

Utah Counseling Agencies

Agency Name: NEIGHBORHOOD NONPROFIT HOUSING CORPORATION
Agency ID: 84148
Address: 195 GOLF COURSE RD STE 1
LOGAN, UT 84321-6081
Phone: (435) 753-1112
Website: https://www.nnhc.net

Agency Name: NEIGHBORWORKS MOUNTAIN COUNTRY HOME SOLUTIONS
Agency ID: 81606
Address: 39 W 300 N
PROVO, UT 84601-2841
Phone: (801) 375-5820
Website: https://neighborworksmchs.org/

Agency Name: SUN COUNTRY HOME SOLUTIONS BRANCH
Agency ID: 90254
Address: 382 S. BLUFF ST. #150
SAINT GEORGE, UT 84770-3678
Phone: (435) 218-7189
Website: https://suncountryhomesolutions.org/

Agency Name: UTAH STATE UNIVERSITY – FAMILY LIFE CENTER – HFC
Agency ID: 80561
Address: 750 NORTH 950 EAST
LOGAN, UT 84321
Phone: (435) 797-7225
Website: https://scce.usu.edu/services/housing-financial-counseling

Mona Utah Frequently Asked Questions

How does a Reverse Mortgage work in Mona Utah?

A reverse mortgage in Mona, Utah, works similarly to a reverse mortgage in other parts of the country. The basic principle is that it allows homeowners 62 years of age or older to borrow money against the equity in their home without having to make monthly payments. Instead, the loan becomes due when the borrower moves out of the house permanently, sells the home, or passes away.

To obtain a reverse mortgage in Mona, Utah, the borrower must meet with a reverse mortgage lender and go through a counseling session to ensure that a reverse mortgage is a suitable choice for them. The lender will also appraise the home to determine its value and the amount the borrower is eligible to borrow.

Do I make mortgage payments on my Reverse Mortgage in Mona?

No, you do not have to make payments on your reverse mortgage. You are still obligated to pay your property taxes, homeowners insurance, general home maintenance and upkeep, and any HOA fees, if applicable. The benefit of a reverse mortgage is that you do not have to make a regular monthly mortgage payment.

What qualifies for a reverse mortgage in Mona?

A reverse mortgage loan is only available to seniors who are age 62 or older. This type of loan has been designed to help provide a solution to allow seniors access to equity in their homes while still living there. To qualify for a reverse mortgage, you must:

  • The youngest borrower on the loan must be 62 years old or older
  • Having an existing mortgage loan balance is OK as long as there is sufficient equity in the home
  • It must be your primary residence, not rental homes or vacation homes
  • Reverse mortgage loans are available as refinance or purchase loans.

How do I receive my money when I get a reverse mortgage?

With a Reverse Mortgage, borrowers have the flexibility to choose how they want to receive their loan proceeds. This can include receiving the funds in one lump sum, periodically accessing them through a line of credit, receiving regular monthly payments, or a combination of these options. Speak with a licensed Reverse Mortgage Lender to discuss your options.

About Mona Utah

Welcome to Mona, Utah! Nestled in the heart of Juab County, Mona is a small city with a big heart. With a population of just over 1,000, Mona is the perfect place to get away from the hustle and bustle of the city and enjoy the peace and quiet of small-town life.

Mona was founded in 1859 by early Mormon settlers who were looking for a place to call home. Since then, the city has grown and flourished, becoming a hub of activity and culture in the region. From the annual Mona Days celebration to the local farmers market, there's something for everyone in Mona.

When it comes to outdoor activities, Mona has plenty to offer. The city is home to several parks, including the Mona City Park and the Mona Reservoir, both of which offer plenty of opportunities for fishing, camping, and hiking. There are also several community centers in the area, including the Mona Community Center, which offers a variety of activities for all ages.

For those looking for a more educational experience, Mona is home to the Juab School District, which includes Mona Elementary School, Mona Middle School, and Juab High School. With a variety of educational and extracurricular activities, the schools in Mona provide a great learning environment for students of all ages.

No matter what you're looking for, Mona has something for everyone. Come and experience the charm of small-town life in Mona, Utah!

Things To Do In Mona

MONA, UT WEATHER !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src='https://weatherwidget.io/js/widget.min.js';fjs.parentNode.insertBefore(js,fjs);}}(document,'script','weatherwidget-io-js');

Top Sights in Mona, UT


South 200 East

South 200 West

North Main Street

Mona Rope Swing

Goshen Canyon Road

Burraston Ponds

North 1000 West

EQUITY REAL ESTATE - Prosper Group

Mona Reservoir

Mount Nebo

Street Names in Mona, UT

00 North-South Street 1500 N 200 W 300 North Street 300 S 400 South Street
600 South Street Burraston Burraston Road Cedar Run Court Cemetery Lane Center Street
Church Lane E 100 N E 100 North Street E 100 South Street E 1700 N E 200 North Street
E 200 South Street E 300 N E 300 S E 300 South Street E 340 N E 400 N
E 440 N E 460 N E 550 S E Canyon Road Goshen Canyon Road Highway 91

Reverse Mortgage Regulations

HUD – The United States Department of Housing and Urban Development is one of the executive departments of the U.S. federal government. It administers federal housing and urban development laws. They state, “Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is a Home Equity Conversion Mortgage (HECM) which is only available through an FHA-approved lender. The HECM is FHA’s reverse mortgage program that lets you withdraw a portion of your home’s equity.”

Consumer Finance Protection Bureau – The Consumer Financial Protection Bureau is an agency of the United States government responsible for consumer protection in the financial sector. They state, “A reverse mortgage is a special type of home loan only for homeowners who are 62 and older. With a reverse mortgage, the amount the homeowner owes goes up–not down–over time.”

NMSL – The Nationwide Multi-State Licensing System and Registry is the record system for non-depository financial services licensing.

NRMLA – The National Reverse Mortgage Lenders Association (NRMLA) is a professional association that serves as an educational resource for the Reverse Mortgage community. The NRMLA was established in 1997 to promote professionalism and provide support and guidance to lenders and education borrowers. In addition, they prioritize educating consumers on the advantages and disadvantages of obtaining a reverse mortgage, ensuring borrowers make informed decisions.  They also provide training for mortgage professionals, enforce a code of ethics, and advise policymakers on reverse mortgage issues.

Reverse Mortgage Lenders near Mona

Call us for a free, no-obligation consultation about your Reverse Mortgage options. One of our licensed professionals will answer your questions without the hassle of a sales pitch. You’ll learn what programs you may qualify for and discover the best options that will suit your situation.

We are proud to serve the residents of Mona. We have been in the mortgage lending business since 2002 and would be happy to provide additional testimonials and references to clients we have worked with. We look forward to serving you and welcome the opportunity to meet and discuss your individual needs.

Reverse Mortgage Resource Center
Phone: 385-503-2224

Reverse Mortgage Resource Center – Mona

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REVERSE MORTGAGE RESOURCE CENTER ~lIVE lIFE ON yOUR tERMS~


Our Lending Team has been serving our clients since 2004. We are passionate about serving our clients with integrity to help them achieve their financial goals.