Where does Primary Residential Mortgage do business?
Primary Residential Mortgage is based in Salt Lake City, UT. The company was founded in 1998 and offers reverse mortages in 50 states (and Washington, DC).
What types of reverse mortgages does Primary Residential Mortgage offer?
Primary Residential Mortgage allows borrowers to apply for the following types of reverse mortgage.
Lump sum. The borrower can access the entire amount immediately. However, you will need to pay interest on the entire amount regardless of whether you spend it.
A line of credit. This is a more flexible option that allows borrowers to only borrow (and pay interest) on the amount they withdraw from their line of credit. In the case of reverse mortgages, the amount of cash available in your line of credit increases as time goes by.
Monthly disbursement. With this option, you get a monthly allowance. This is a good option if you need an additional source of income to cover your living expenses. It can be used in combination with a line of credit for additional flexibility.
What fees does Primary Residential Mortgage charge for a reverse mortgage?
Primary Residential Mortgage may charge a loan origination fee of $2500 to $6000
There is also a one-time counseling fee of $125 to consider.
What types of property can you use as security for a reverse mortgage with Primary Residential Mortgage?
Lenders often have restrictions on the type of properties they will accept as security for a reverse mortgage. Primary Residential Mortgage will consider lines of credit secured by the following property types:
- Primary home
Other Services by Primary Residential Mortgage
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia