Salt Lake County, UT Reverse Mortgage Snapshot
FIPS: 49035 • Salt Lake City, UT • Market Tier: High Volume
Salt Lake County Executive BLUF Summary
Salt Lake County represents the focal point of Utah’s rapid reverse mortgage expansion. High rates of unencumbered homeownership and substantial Wasatch Front appreciation have led to rapid growth in HECM Line of Credit originations.
Strategic Key Takeaways
- •Estimated Senior Home Equity (62+): $54 Billion.
- •Average Maximum Claim Amount (MCA): $620,000.
- •Senior Homeownership Rate: 81.5%.
- •Regulatory: Utah Department of Financial Institutions reverse mortgage certification required.
165,000 seniors (Age 62+)
Prior Year: 240
Median Home: $560,000
FHA Cap: $1,149,825
Salt Lake County Endorsement & MCA Trajectory
Annual FHA single-family reverse mortgage activity
Top FHA Approved Reverse Mortgage Lenders in Salt Lake County
Mutual of Omaha Mortgage
Direct Endorsement Approved
Finance of America Reverse
Direct Endorsement Approved
Guild Mortgage
Direct Endorsement Approved
Fairway Independent Mortgage
Direct Endorsement Approved
Estimate HECM Line of Credit for Salt Lake County Homeowners
Institutional FHA HECM Principal Limit Calculator
HUD Mortgagee Letter 2017-17 Calibrated • 2026 FHA MCA Cap: $1,149,825
Under HUD ML 2014-07, spouses of any age can be named as an Eligible Non-Borrowing Spouse, securing statutory rights to remain in the home indefinitely after the borrowing spouse passes away.
Available immediately as an unused, guaranteed growing Line of Credit, or distributed as monthly tenure payments for life.
10-Year Line of Credit Compounding Trajectory
| Year | Available Line | Loan Balance | Est. Retained Equity |
|---|---|---|---|
| Year 0 | $148,300 | $139,000 | $511,000 |
| Year 2 | $168,996 | $158,398 | $537,898 |
| Year 4 | $192,581 | $180,504 | $565,386 |
| Year 6 | $219,457 | $205,694 | $593,322 |
| Year 8 | $250,083 | $234,400 | $621,526 |
| Year 10 | $284,984 | $267,112 | $649,777 |