Seniors love the state of Arizona due to it's warm climate. As a result, many seniors live out their retirement years in the sunny state. Arizona reverse mortgage lenders are providing senior homeowners in AZ the ability to take advantage of the equity in their homes with a government insured reverse mortgage. The reverse mortgage allows seniors to stay in their homes while receiving either an upfront lump sum payment, monthly payment, line of credit or some combination of the previous options.
Reverse Mortgage Lenders in AZ
Qualifying for a reverse mortgage are relatively simple when compared to a traditional mortgage. No income qualifications required.
Borrower must be 62 or older
Property must be HUD approved
Take a HUD approved counseling session about a home equity conversion mortgage, a type of reverse mortgage
Note* - Seniors on medicaid should consult with their financial advisor to understand the potential impact of a reverse mortgage on their program elgibility.
Important Information: Reverse Mortgages/HECMs are neither "endorsed" nor "approved" by the Federal Government. The FHA provides certain insurance benefits for mortgage lenders and senior borrowers in connection with the lender’s HECM loans; the FHA does not make or originate loans. It is strongly advised that you consult with your family and / or trusted financial planner when considering any reverse mortgage loan.