Reverse Mortgages in Arizona

Reverse Mortgage in Arizona — Smarter home loans fit for you.


Loan Product Details – Reverse Mortgage in Arizona

 

“I saw “Fonzie” on tv talking about a Reverse Mortgage”.

 


Reverse Mortgage in Arizona - Couple

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What is a Reverse Mortgage.

Tucson, AZ – You have probably seen those commercials with Fonzie or Robert Wagner telling you all about using a reverse mortgage – and most likely have thought to yourself, “what in the world is a reverse mortgage?”

Reverse mortgage loans enable seniors to convert their home’s equity into cash (tax free) while retaining the ownership of their home. Unlike a traditional mortgage, there are no monthly payments to be made and repayment of the loan is deferred until the borrower is no longer living in the home. When the loan becomes due it must be paid in full, including interest and financed closing costs. Since no monthly payments are made the amount owed grows over time and the equity that remains after selling the home and paying off the loan grows smaller. With a reverse mortgage you will never owe more than your home’s value at the time the loan is repaid. Borrowers do continue to own their homes and are required to pay your property taxes, insurance and maintain the home with needed repairs. Failure to carry out these responsibilities may be grounds for the loan to become due and payable in full.

A reverse mortgage must be the first and only mortgage on the property. Therefore, if there is an existing mortgage, it must be paid off with some of the proceeds from the reverse mortgage. As the home appreciates and the borrower grows older they may qualify for more money, and the reverse mortgage may be refinanced to borrow more against the increased equity.
Apply Now The FHA home loan is a great option for first-time homebuyers and for those who do not have a big down payment. Click here for Arizona FHA Loan Limits.

(520) 303-5620 or (480) 648-1733

Reverse Mortgage Eligibility


To be eligible for a HUD reverse mortgage, HUD’s Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance 
that can be paid off at the closing with proceeds from the reverse loan; and must live in the home.

How Much Can I borrow?


The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your County in Arizona, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.
 

Joseph Small and his Team at Guild Mortgage is your trusted source for all your FHA home loan mortgage needs. Proudly helping Arizona homeowners in Tucson, Phoenix, Sierra Vista, Yuma, Casa Grande, Flagstaff. If you think you are ready to begin the process, then just click the “Apply Now” button to get started. And if you have any questions about an FHA home loan, or any other financing program, then call us now.

(520) 303-5620 or (480) 648-1733

 
 
You can contact Joe at: jsmall@guildmortgage.net