It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Arizona, don't hesitate to contact one of our specialists at any time.Many Arizona seniors living on a fixed income struggle to make their monthly payments. An option they may not know they have is a reverse mortgage, which uses the equity that they have built into their home to pay off their mortgage and enjoy a more financially-secure retirement. In the reverse mortgage world, 62 is the golden age - whether or not you're retired. At 62, you could access the equity in your home through a reverse mortgage. Arizona seniors across the state are turning to reverse mortgages for financial support while they are living on a limited income.
Paying Back a Reverse MortgageArizona residents only make loan payments on their reverse mortgage when they sell the home, move, or pass away.* When one of these conditions is met, the loan amount and accumulated interest come due. Because a reverse mortgage is a non-recourse loan, you or your heirs will never owe more than the appraised value of the home. If the loan comes due because the last homeowner passed away, the borrowers' heirs have a few options. One option is that they can sell the home to pay off the mortgage. Another option is to refinance for the amount owed, which includes any interest the loan may have accrued. While you do not have any mortgage payments while living in the home, you are responsible for paying all property taxes, insurance payments, and maintenance costs of the home.
Arizona Reverse Mortgage SpecialistsOne Reverse Mortgage works with multiple reverse mortgage licensed specialists in Arizona. Please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.