In 2024, there were 2950 active reverse mortgage loans in Salt Lake County, Utah. The average home value in Salt Lake County is $633,862.75.

Click here to get a reverse Mortgage Quote in Salt Lake County, Utah

To avoid scams, make sure you are working with a licensed lender in Utah. South River Mortgage is a fully licensed lender in Utah. The UT state regulator requires mortgage lenders to be explicitly approved to make loans and hold a license. South River Mortgage proudly holds the Mortgage Entity License in UT, and our state license identifier is 12662524.  We also maintain active approval with HUD/FHA.

Reverse Mortgage Loans in Salt Lake County

Salt Lake County is located in the state of Utah and is known for its stunning natural beauty, vibrant arts scene, and strong economy. With a population of over 1 million residents, the county boasts a diverse mix of urban and suburban areas, offering residents a high quality of life. The county is home to Salt Lake City, the state capital, which is known for its outdoor recreation opportunities, including skiing, hiking, and mountain biking. Additionally, the county has a rich history, with landmarks such as Temple Square and the Utah State Capitol building. Seniors in Salt Lake County may benefit from considering reverse mortgages as a financial option. With an average home value of $633,862.75, and property taxes averaging $2,631.51, seniors who own their homes outright may be able to leverage the equity in their properties to supplement their retirement income. With an average interest rate of 0.0407, a reverse mortgage can provide seniors with a lump sum or monthly payments, allowing them to stay in their homes and maintain their quality of life in Salt Lake County.

Reverse Mortgage Loan Origination in Salt Lake County

Reverse Mortgage Home Values in Salt Lake County

Reverse Mortgage Interest Rates Salt Lake County

There are approximately 2950 active reverse mortgage loans in Salt Lake County. The average interest rate in Salt Lake County is 7.23% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Salt Lake County was $572,437.33 in 2024.

Click here to get a Reverse Mortgage Quote in Salt Lake County, Utah »

Note that our loan origination data will not exactly match FHA’s HECM portfolio snapshot. This discrepancy occurs because FHA’s reports are limited to loans endorsed by FHA (i.e. HECMs only). We use a series of custom data criteria that make it possible to identify all reverse mortgages: HECMs, proprietary, and even single-purpose reverse mortgages.

Jumbo Reverse Mortgage in Salt Lake County, UT

With the average home value of $572,437.33, you may be wondering about the opportunities for jumbo loans.

The FHA has increased the HECM lending limit to $1,209,750 for 2025. If your property is valued above the HECM lending limit, you may be eligible for additional proceeds through the HomeForLife jumbo reverse mortgage.

Reverse Mortgage Refinance (HECM to HECM) in Salt Lake County

It might make sense to refinance your reverse mortgage. There are many situations where refinancing could be very beneficial to you:

• You want to get more cash out because your home value has increased substantially
• You want to pay less in interest by obtaining a lower interest rate
• You want to add a loved one to the reverse mortgage

As a bonus, South River Mortgage can sometimes provide multiple benefits at once, depending on the situation. There have been cases where we can help secure a lower interest rate and additional cash. In some cases, we have been able to do all three benefits: lower rate, more cash, and adding a son or daughter onto the mortgage.

South River Mortgage can help you refinance your reverse mortgage. Get a quote today »

Reverse for Purchase (HECM for Purchase) in Salt Lake County

You can now purchase a home with a reverse mortgage in {county}, UT. The reverse for purchase lets homebuyers purchase the home and get a reverse mortgage in a single transaction. The requirements for a reverse for purchase are very similar to the traditional reverse mortgage program.

Purchasing a home with a reverse mortgage has many benefits:

• No monthly mortgage payment (although you’d still be responsible for property taxes and homeowner’s insurance)
• The home being purchased would meet HUD’s property requirements or minimum property standards (this helps keep the home safe for occupants)

Learn what your down payment would be using our Reverse for Purchase calculator. Or, get pre-approved today »