How To Learn About Reverse Mortgages Arizona

Over the past few years, cost of living prices have increased to levels never before seen. As a result, retirement and fixed income living has become more difficult.

Local Companies

Cornerstone Financial Services
623332-3714
7575 E. Redfield Road #213
Scottsdale, AZ
American Trust Insurance Brokers
602882-2587
7134 W. Planada Lane
Glendale, AZ
Reverse Mortgage Concepts
480-306-4432
9915 E Bell Rd Suite 114
Scottsdale, AZ
American Home Loans
480-385-2741
6750 E Camelback RD
Scottsdale, AZ
Sun State Home Loans
480-585-1616
8765 E Bell Rd
Scottsdale, AZ
Centric Mortgage
480-607-7888
8655 E Via De Ventura
Scottsdale, AZ
Reverse Mortgage Concepts
480-306-4432
9915 E Bell Rd
Scottsdale, AZ
Mortgage Concepts, LLC
480-306-4432
7310 N 16th Street
Phoenix, AZ
Nova Home Loans
480.614.6409
8800 East Raintree Dr. Ste 180
Scottsdale, AZ
State Farm Ins. - Maria Casebeer
623412-2770
8392 W. Thunderbird Rd. # 101
Peoria, AZ

Over the past few years, cost of living prices have increased to levels never before seen. As a result, retirement and fixed income living has become more difficult. Reverse mortgages were created to allow individuals over the age of 62 to utilize the equity in their homes to live off of; without penalty of having to pay back the principle.

The way that a reverse mortgage works is that you access the equity and the money is not paid back until the homeowner dies or moves and the home is sold. A reverse mortgage has its advantages.

  • Reverse mortgage allows you the flexibility in using the equity in your home by taking out cash in the form of:

    • Monthly withdrawals.
    • A large lump sum.
    • Accessing the equity like a line of credit, using it when needed.
  • The money you borrow does not need to be paid back and is typically interest-free.

However, reverse mortgages do carry drawbacks as well.

  • Typically reverse mortgages are only available for individuals over the age of 62 who are owner occupants of the home they wish to take the reverse mortgage on.

  • You can eat into the equity in the home. The ratio of debt to home value is actually increasing, whereas with a traditional mortgage, the ratio will decrease over the life of the loan.

Here are some easy ways to find out more about reverse mortgages, including who you can sign you up and whether applying for one is right for you.

  1. Search the internet. Utilizing a search engine, such as Google or Yahoo and searching for keywords "Reverse Mortgage Information" yields a number of websites that will educate you on the pros and cons of a reverse mortgage.

    ...

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Author: Brad Halvorsen

Featured Local Company

Cornerstone Financial Services

623332-3714
7575 E. Redfield Road #213
Scottsdale, AZ

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