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Arizona Reverse Mortgages

Arizona Reverse Mortgage Highlights:

  • Must be at least 62 years old
  • House must be primary residence
  • Mortgage must be either fully paid or have a small balance
  • No income or credit score requirements
  • Payment can be a lump-sum, monthly cash payout, line of credit held in reserve, or combination of all three
  • In many states can use proceeds for purchase of a new home

Reverse mortgages can be a good alternative for seniors struggling with monthly bills, yet sitting on a significant amount of equity in their homes.

Frequently Asked Questions:

Q:  Can the lender take my home away if I out live the loan?

No. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current.

Another safeguard is that the borrower will never owe more than the value of the property at the time it is sold.

Q:  How much money can I get from my home?

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 area, whichever is less.

Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

Q: Will I still have an estate that I can leave to my heirs?

When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and other fees, to the lender.

The remaining equity in your home, if any, belongs to you or to your heirs.

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Latest News

  • How Does a VA Streamline Work?
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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.

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