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A Guide To Aging In Place
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Just The FAQs: Answers to Common Questions About Reverse Mortgages
See the Top 10 Reasons Seniors Get Reverse Mortgages
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Using Reverse Mortgages For Health Care
Across Arizona, more people are turning 62 every day and entering into the "golden years" of their lives. The Home Equity Conversion Mortgage (HECM) FHA insured reverse mortgage can be used by senior homeowners age 62 and older to convert the equity in their home into tax-free monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home.
A reverse mortgage loan is different that a traditional home loan because instead of making mortgage payments, a reverse mortgage actually pays you every month.
- No monthly mortgage payments
- Title remains in your name
- Tax-Free money can be used in any way you choose
- Option for a credit line to handle life emergencies or unexpected expenses
- No income, credit or health requirements
- Eliminate debt by paying off mortgages and credit cards
To assist you in making an informed decision of whether a reverse mortgage will meet your needs, you are required to receive consumer education and counseling by a HUD-approved HECM Counselor prior to signing initial documents to get the process started.
HECM counselors will discuss program eligibility requirements and provisions for the mortgage becoming due and payable. Upon the completion of HECM counseling, you should be able to make an independent, informed decision of whether this product will meet your needs.
How does a reverse mortgage work?
A reverse mortgage is still a home loan, but instead of you paying the mortgage company, they pay you! Whether you choose a line of credit, monthly payments or a lump sum, you retain title and the ownership of your home.
As long as you live in your home and keep your taxes and insurance paid, you can never be forced out. The federal government also guarantees your reverse mortgage, which means that you don't ever have to make a payment, you can never owe more than your house is worth and your heirs can make the decision on whether to sell or move into the house.
To qualify for a reverse mortgage, you must:
- Age 62 years of age or older
- Own your property
- Occupy your property as primary residence
- Single family home or 1-4 unit home with one unit occupied by the borrower
- HUD-approved condominiums
- Manufactured homes and leased land
- Participation in a consumer information session given by an approved HECM counselor
We specialize in helping seniors get into the right HECM for their situation. We have loan officers throughout Arizona and can help you understand more about your Reverse Mortgage options and find the right situation for your needs. There are many reasons seniors want to get a reverse mortgage and no matter what your reason is, we can help. Call us today!
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