Top 10 Reverse Mortgage Lenders in Utah
*Source: BBB Lender Ratings as of 12-23-2018
|Lender Name||Company Start Date ||Lender Rating ||Review Stars (0-5.0)||% of Positive Reviews||# of Complaints Last 3 Yrs.||BBB Reviews
|All Reverse Mortgage, Inc. ||05/27/2004||A+||5.0||100%||2||Review Source
|American Advisors Group (AAG)||10/29/2004||A- ||4.1||82%||41||Review Source
|Reverse Mortgage Funding LLC||09/25/2012||A+ ||3.2||64%||3||Review Source
|Live Well Financial, Inc.||08/28/2008 ||A+||2.1||17%||9||Review Source
|One Reverse Mortgage, LLC||07/12/2001||A+ ||3.2||60%||5||Review Source
|Liberty Home Equity Solutions, Inc.||09/05/2003||A+ ||2.7||40%||5||Review Source
|HighTechLending Inc||06/06/2006||C+ ||2.3||0%||2||Review Source
|Reverse Mortgage Solutions, Inc.||02/21/2007||F ||1.05||1%||86||Review Source
|Synergy One Lending, Inc. (Retirement Funding Solutions)||01/09/2013 ||A+||N/A||N/A||1||Review Source
|Finance of America Reverse LLC||10/15/2003||A+ ||N/A||N/A||3||Review Source
All Reverse Mortgage® is proud to be Utah's #1 Rated Reverse Mortgage Lender by the BBB with a Perfect 5.0 Stars and A+ Exemplary Rating. We currently lend in 16 states and all throughout Utah.
All Reverse Mortgage was incorporated in November 2004 and as the name implies, the only loan product that All Reverse Mortgage® originates is in fact, the reverse mortgage.
We’re committed to be your lender because you deserve the best rate at the lowest price possible.
We’re a HUD Approved direct lender lending the national HECM programs and offer a suit of Non-FHA & Jumbo Reverse Mortgages to better suit homeowners in UT with higher value homes over the national 2019 lending limit of $726,525.
We welcome you to compare our reviews and our lower rates and closing costs to any other major lender! The difference is clear, and we can’t wait to show you
Utah Reverse Mortgage Facts
|State||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Utah||Avg. Home Value
HUD Approved Direct Lender
HUD Approved Direct Lender
All Reverse Mortgage® is approved with the Department of Housing and Urban Development (HUD) to originate, underwrite and close the HUD Home Equity Conversion Mortgage (HECM, or “Heck-um”). The HECM is HUD’s acronym for the reverse mortgage program it administers for seniors who are 62 and older.
All Reverse Mortgage® originates in Utah and offers several reverse mortgage options. In some instances, borrowers are looking to pay off their existing loan and eliminate their monthly mortgage payment. Or, if they already have paid off their mortgage, a reverse loan can help borrowers utilize their equity for other purposes. In some cases, borrowers can do both. They also may use a specific type of reverse mortgage to purchase a new home.
About All Reverse Mortgage®
The owners and management of All Reverse were part of the team that wrote and sold the first fixed rate jumbo reverse mortgage in 2008 and as such,
have extensive experience in jumbo or proprietary loan programs as well. We are always looking for new products to offer to borrowers of high valued
homes in the higher home priced markets that the HUD HECM may just not serve as well. Jumbo or proprietary programs typically offer lower Principal
Limits as they relate to home values, though, so not all borrowers are best served with the jumbo programs available.
A seasoned originator can readily inform borrowers which program will best suit their needs and the positives and negatives of each so
that the borrower can make an informed decision. It is no longer uncommon anywhere in the country for a market to be a solid HUD HECM
market and then within just a short distance for a niche jumbo market to be located where there is a need for a jumbo program.
Therefore, homeowners aged 62 and above in all markets have seen that the reverse mortgage can be a very solid financial tool and many are now seeking
the reverse mortgage to augment their retirement plans and not so much the mortgage of last resort. Everything from the elimination of existing mortgage payments
to the line of credit that grows make reverse mortgage borrowers understand that this program allows them to utilize their homes to not only live comfortably in their
family home, but to plan for the future as well.
Utah Lending Limits
Utah ranks as the 31st most populous state in the U.S. and the 13th largest in terms of land area. Compared to its size, the state is sparsely populated, and as of 2017, 3,101,833 people called the state home — with almost 75% of the population living in or near the Salt Lake City area or just north of it. About 334,997 people in the state were 65 or over in 2017, and 71% of all residents were homeowners.
Utah has a rich Native American history that dates back 10,000 to 12,000 years ago. While the Spanish first explored the state, the Mormons formally settled the area in 1847 when the area was part of Mexico. The area soon became part of the Utah Territory with the Mexican-American War, and more than 70,000 Mormons would move to the area over the next 22 years. Following some denied attempts, Utah was finally accepted by the U.S. government as a state after the Mormons publicly rejected polygamy. It became the 45th state in 1896.
Salt Lake City is the largest city in the state with an estimated 192,000 in the city and 1.14 million in its metro area. Its history mirrors the state’s as it was the predominant site of Mormon settlement. The city received its name from its proximity to the Great Salt Lake — the largest salt lake in the Western Hemisphere. Salt Lake City dwellers also love their Jello. The holds the record for most Jello consumption per capita.
After Salt Lake City, the next largest city is the nearby West Valley City, which has a population of 137,764. Utah is known for its natural beauty — with places like Zion National Park, Bryce Canyon National Park, and countless ski destinations attracting loads of tourists and visitors every year. The state is also home to the Sundance Film Festival. Some of the largest industries in Utah are aerospace and defense, health technology, and information technology. The top companies in the state are Nu Skin Enterprises, SkyWest Airlines, and Smith’s Food and Drug stores.
Because of the vastly different terrains in the state, Utah falls under several different climate types. The average high temperature in July is 90 degrees Fahrenheit and the lowest average temperature in January is 26 degrees Fahrenheit. The state gets an average of 13 inches of rain and 43 inches of snow each year.
The average home value in the state is $310,800, and prices are expected to rise an additional 8% in the next year. Given this average, many homes fall below the federal maximum reverse mortgage lending limit of $726,525 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.
If you reside in Utah, All Reverse Mortgage® is here to answer your questions. Call Toll Free (800) 565-1722 – Or try ARLO™ reverse mortgage calculator that offers side-by-side program comparisons, real-time interest rates and expert recommendations.