Reverse Mortgages in Arizona

Senior homeowners that call Arizona their primary residence could be eligible for a government insured Home Equity Conversion Mortgage aka HECM. 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 the state year round. The snowbirds, as they are referred to, typically have a primary residence located in another state, and do not stay in the desert during the hottest months, usually considered to be May through October.

A key qualification for this type of loan is that the home used for this purpose must be your primary residence. Some things that determine whether a state is your primary place of residence are, where your 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.

Primary Residence

If Arizona is your primary place of residence and you are a homeowner 62 years or older, you may qualify for a HECM (Home Equity Conversion Mortgage). The equity in your home must be substantial. The amount of money you will be able to receive from a reverse home equity loan 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 a HECM. Your Social Security and Medicare benefits will not be affected. Your loan proceeds will be Tax-Free and can be used for any purpose you like. You can receive the proceeds from your loan in a lump sum pay-out, a line of credit, a monthly supplement for as long as you live in your house, or a combination of these choices. You are not obligated to make monthly mortgage payments or payoff this loan until you permanently move out or sell your home.

Click here to see how much money you can receive from an FHA insured HECM loan.

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