Reverse Mortgages for Seniors

If you are over the age of 62 and have at least a fair amount of equity in your home, a reverse mortgage is an excellent option that allows you take that equity out of your home without selling your home or being forced to move. As a matter of fact, you do not have to pay anything for as long as you live in the home.

You can even choose to cash in on the equity in your home in the following ways:

• all at once, with a single lump sum
• as a regular monthly payment
• as a line of credit that allows you choose when and how much of your available cash is paid to you.
• or as a combination of these payment methods.

No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home.

There are no income requirements needed to qualify. Instead of building equity in your home like you have done by paying the monthly payments on a conventional mortgage, a reverse mortgage simply pays you for the equity in your home.

Another great thing to consider about a reverse mortgage is that you do not neccessarily need to loose the equity in your home to take advantage of its benefits.

In the U.S., home values typically appreciate 5-6% each year. Hypothetically, you could maintain your current equity in your home and still recieve 5-6% of your homes value in cash each year to help pay for medical expenses, investments, etc. If your home is currently worth $250,000, that could be an additional income of $12,500 - $15,000 per year.



If you currently own a home in Arizona and would like more information about reverse mortgages, please give us a call at (520)360-7360 or Email Us today!