Reverse Mortgage: Phoenix Print E-mail

 

A reverse mortgage is a program for seniors that provide seniors with financial security and independence.   This loan works differently than the traditional forward mortgage that you are used to.  Instead of you paying your lender monthly payments, the lender pays you to live in your home.   The cash paid to you is tax-free and you do not have to pay back a dime until you leave your home.
 
As long as you are 62 years or older, live in a qualifying home and are current with all of your taxes, you can apply for a reverse mortgage.

 

 

How much money can you get with a Reverse Mortgage in Phoenix, AZ?  

The loan amount you depends on the following factors: 

 

  • Your Age.  The older you are, the more money you will receive

  • Home Value and Location.  If your home is in an area where the average home value is higher than the national average, you will receive more money.   If your home is in an area where the average home value is lower than the average, then you will likely receive a lower loan amount.

  • Interest Rate.  Depending on the type of loan, you loan amount will be determined by the current interest rates.

 

What types of products are available?  

There are three main products to choose from when you shop for a reverse loan.  These options are:

 

  • Home Equity Conversion Mortgage (HECM) – a program backed and insured by the federal government.

  • Home Keeper ® - A Fannie Mae loan, this program allows you to borrow more than you can with the HECM loans.

  • Jumbo Cash Account – Designed for seniors with higher home values, this option provides the highest lending limits for borrowers.