The FHA reverse mortgage program has been gaining popularity with seniors all over the country and Arizona is no exception. More seniors that live in Arizona are looking into the FHA reverse mortgage program than ever before – whether they have recently had financial hardship or are just looking at a reverse mortgage as an estate planning tool.
Arizona FHA Reverse Mortgage: What To Know
Many seniors are looking for the basics of the FHA reverse mortgage program – stuff like how it works, how much it costs, do they have to pay it back, do they have to move, etc. Some of the highlights of the Arizona FHA reverse mortgage program include:
- Make no mortgage payments as long as you live in the home
- Get your money either in a line of credit, monthly installments or a lump sum
- Interest rates for the program can be either fixed or variable
- FHA reverse mortgage counseling can be done over the phone and costs $125 and is paid to the reverse mortgage counseling company
- An Arizona FHA reverse mortgage appraisal is usually $350 and can be paid to the appraiser directly
- All other fees and costs can be put into the reverse mortgage
Arizona FHA Reverse Mortgage: The First Step
If you are interested in learning if an Arizona FHA reverse mortgage is right for you, the first step is to be sure to speak with a loan officer who has experience in the FHA reverse mortgage program and can explain how FHA reverse mortgages work. An experienced loan officer can then point out what the other steps are in the FHA reverse mortgage process and help answer any questions that you have along the way.