Getting a Reverse Mortgage in Arizona
What Is a Reverse Mortgage?
How Can a Reverse Mortgage Help You?
How Can a Reverse Mortgage Help You?
A reverse mortgage in Arizona is a type of home loan for seniors 62 and older known as a Home Equity Conversion Mortgage (HECM). It allows an eligible homeowner to convert their home equity into cash with no monthly mortgage payments (must pay taxes and insurance). It might not be a good fit for everyone, but it can be a good option for some eligible homeowners.
How Can a Reverse Mortgage Help You?
How Can a Reverse Mortgage Help You?
How Can a Reverse Mortgage Help You?
A reverse mortgage has several benefits:
- No debt-to-income ratios
- No restrictions on how to use the loan proceeds and its non-taxable* funds
- Stay in your home and avoid the inconvenience of moving or relocating
- Retain your savings and improve monthly cash flow
- No FICO qualification
*This does not constitute tax advice from Fairway. Consult a tax advisor regarding your specific situation.
Reverse Mortgage Requirements
How Can a Reverse Mortgage Help You?
Reverse Mortgage Requirements
Curious about whether you’re eligible for a reverse mortgage in Arizona? Here are a few standard qualifications:
- One borrower must be 62 or older
- You have significant home equity (generally, at least 50%)
- You’re able to pay taxes, insurance and HOA fees (if applicable)
- Borrowers do not need to own their home outright to qualify
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