Arizona Mortgage Team

Arizona Mortgage Rates. Refinance FHA, VA and Jumbo Mortgage Loans.

  • Loan Programs
    • FHA Loans
      • FHA 203k Loan
      • FHA Streamline Refinance
      • FHA Kiddie Condo Loan
    • VA Loans
    • USDA Loans
    • HomePath Loans
    • Interest Only Mortgage Loans
    • Refinancing
    • Reverse Mortgages
      • Reverse Mortgage Quote
  • Insurance
    • Arizona Car Insurance
    • Arizona Homeowner Insurance
    • Arizona Life Insurance
    • Arizona Renters Insurance
  • Press
  • Blog

Arizona FHA Reverse Mortgages – Ten Reasons Seniors Choose A Reverse Mortgage

November 9, 2008

Lately, we have been talking to more and more people who are interested in learning more about the FHA Reverse Mortgage program.

With more people turning 62 every day, the number of people who are getting a reverse mortgage is expected to increase substantially over the coming years.  What are the top 10 reasons that seniors get a reverse mortgage?  According to AARP:

Top 10 Reasons Seniors Get A Reverse Mortgage

1. Pay off mortgage (20%)
2. Home repairs/improvements (18%)
3. Improve quality of life (14%)
4. Everyday expenses (10%)
5. Emergencies/unexpected (9%)
6. Pay off non-mortgage debts
7. Health or disability (5%)
8. Property taxes/insurance (5%)
9. Financial help to family (2%)
10. Investments, annuities, or long-term care insurance (1%)

Maybe it is because the baby boomers are starting to enter their retirement years, maybe it is because FHA is doing a better job of marketing the FHA reverse mortgage program to seniors, I don’t know… but according to the latest statistics from National Reverse Mortgage Lenders Association, as of June 2008, FHA-approved Mortgage Lenders have originated Reverse Mortgages for 73,875 for homeowners age 62 and older.  In the month of October, the total number of people who got an FHA-insured reverse mortgage was up 6.6% from September to 10,121.

Clearly, the FHA-insured reverse mortgage program is growing as America’s demographics shift toward their “golden years”.

Filed Under: Arizona Home Financing Options, Arizona Reverse Mortgages Tagged With: Arizona Reverse Mortgages, fha reverse mortgage

Recent Items

  • How Does a VA Streamline Work?
  • Can you Use a Mortgage Assumption after a Divorce?
  • What are the Major USDA Streamline Guidelines?
  • How is the USDA Monthly Guarantee Fee Calculated?
  • How to Purchase USDA Foreclosed Homes?

Latest News

  • How Does a VA Streamline Work?
  • Can you Use a Mortgage Assumption after a Divorce?
  • What are the Major USDA Streamline Guidelines?
  • How is the USDA Monthly Guarantee Fee Calculated?
  • How to Purchase USDA Foreclosed Homes?

Search

IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

Copyright © Mortgage.info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

Contact Us | Terms of Use | Privacy Policy

Buy Mortgage Leads

Mortgage.info

NMLS ID #1237615 | AZMB #0928735

8123 South Interport Blvd. Suite A, Englewood, CO 80112

CLICK TO SEE TODAY'S RATES

Contact Us