Arizona Reverse Mortgage

With the popularity of Arizona as a retirement destination and the high number of seniors who have chosen to reside in the state, the Arizona reverse mortgage has grown more and more frequent and reliable as a source of income for retirees.  Thousands of homeowners have used this type of financing to pay for living expenses and other important bills.

Reverse Mortgage Arizona Information

These loans are available to seniors only.  With these loans, your lender pays money to you instead of the other way around.  These funds can be applied to anything.  It’s your money to use as you wish, and this makes reverse mortgages in Arizona highly popular and beneficial.

If you have medical bills, living costs, or other financial obligations, a reverse mortgage can provide you the funds you need to pay for them. You can pay off other mortgages or debt, or simply spend the money on gifts for relatives or a nice vacation.  You can also use a reverse mortgage to downsize or relocate into a new home.  Do some research both here and elsewhere to gain as much reverse mortgage information as possible before making a final decision.

The money your lender provides to you can come in several forms.  Pick the one that fits with your financial goals.

• You can receive the money all at once, as a lump sum.
• You can receive payments on a monthly basis until the equity turns out.
• You can access the equity through a line of credit tied to your home.
• You can combine any of the above methods to create a flexible financial solution that’s right for you.

Your equity will transfer to your lender as you receive money through your reverse mortgage.  But don’t worry.  The bank cannot repossess your home or take ownership of your property under any circumstances.  The loan is tied to nothing more than the equity or value of your home.

You won’t have to pay the loan off at any point during your life unless you move into a new home.  Upon your death, the loan obligation passes to whomever receives ownership of your home.  This individual or estate can then sell the property to pay back the debt owed to the reverse mortgage lender.

Even if your home decreases in value such that the amount your heirs receive for selling the home is less than what you owe, you don’t need to worry.  Federal law mandates that lenders cannot collect any debt beyond the value of the home at the time of collection.  Your heirs will not face any additional debt charges on your account.  You remain entirely financially independent.

The HUD answers many common questions that seniors have about the reverse mortgage program on their Frequently Asked Questions page.  You can also contact one of our lenders to get more information.

Arizona Reverse Mortgage Lenders

No two lenders will offer you the same deal on your reverse mortgage.  It’s important to research multiple lenders in your part of Arizona before you come to a final decision of who to work with.  It’s good to talk with at least four or five different lenders and brokers before you decide.

Make sure you ask about mortgage rates.  Try to find the lowest rate possible.  But inquire about fees, too.  Fees can be high with reverse mortgage due to the unusual and complex nature of the loan.  Different lenders will charge different fees.  Don’t be afraid to ask around.

If you want more information on the application process and the things you need to consider when choosing a lender, review our reverse mortgage checklist.

About Arizona

Arizona is home to the famous Grand Canyon, which is one of the world's seven wonders.  The state's great climate and abundant sunny weather make it a great place for seniors to retire.  Maricopa County, for example, is home to the highest number of seniors 62 years or older in the nation.  Over 250,000 residences in the area have been purchased by retirees.

The capital and largest city of Arizona is Phoenix, a major world-class metropolis and the fifth largest city in the nation.  Phoenix is heavily involved in the high-tech, telecommunication, and government industries.  Numerous large corporations maintain massive sites in Arizona.

The climate in Arizona is primarily desert, with mild winters and hot summers, though some parts of Arizona, notably northern cities such as Flagstaff, get very cold winters.  Much of the state’s population is situated in the Valley of the Sun, where Phoenix and other major cities are located.

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Lenders in: Arizona.