Arizona Reverse Mortgage Information

Senior homeowners that call Arizona their primary residence are eligible for an Arizona reverse mortgage. The Grand Canyon State is one of the more popular states for retirees. However, many of the retired folks that own property in Arizona consider the state to be their second home and do not reside in Arizona year round. The snowbirds, as they are referred to, typically have a primary residence located in another state, and do not stay in Arizona during the hottest months, usually considered to be May through October.

A key qualification for an Arizona reverse mortgage is that the home that the reverse mortgage is used for must be your primary residence. Some things that determine whether a state is your primary place of residence are, where you car is licensed, where you are registered to vote, the address used for tax purposes, and where you reside at least 6 months and a day each year.

Arizona as a Primary Residence

If Arizona is your primary place of residence and you are a homeowner 62 years or older, you may qualify for an Arizona reverse mortgage. The equity in your Arizona home must be substantial. The amount of money you will be able to receive from an Arizona reverse mortgage will be determined by your age, the value of your property, the amount of equity in your property, and the current interest rate.

There are no income or credit qualifications considered when you apply for an Arizona reverse mortgage. Your Social Security and Medicare benefits will not be affected. Your loan proceeds from an Arizona Reverse Mortgage will be Tax-Free and can be used for any purpose you like. You can receive the proceeds from your Arizona reverse mortgage in a lump sum pay-out, a line of credit, a monthly supplement for as long as you live in your Arizona home, or a combination of these choices. You are not obligated to make monthly mortgage payments or payoff your reverse mortgage until you permanently move out or sell your Arizona home.

Click here to see how much money you can receive from an Arizona Reverse Mortgage.

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• Link To Arizona AARP
• Arizona Care Planning Council