Clearfield residents seeking a reverse mortgage can work with a specialist to understand the process. In Utah, borrowers must be at least 62 years old and complete a counseling session with a HUD approved agency. Local specialists can help explain how a reverse mortgage may affect your home equity and estate planning.
What Does a Reverse Mortgage Specialist in Clearfield Cost?
Typical costs for a reverse mortgage in Utah include an origination fee (up to 2 percent of the home value or $6,000, whichever is less), a mortgage insurance premium (2 percent of the appraised value upfront plus 0.5 percent annually), and third party costs such as appraisal and title search. Total closing costs often range from $5,000 to $15,000. These costs can be financed into the loan. This is general information and not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
Reverse Mortgage Specialists in Other Utah Cities
Alpine · American Fork · Bountiful · Brigham City · Cedar City · Centerville · Cottonwood Heights · Draper · Eagle Mountain · Farmington · Grantsville · Heber City · Herriman · Holladay · Kaysville