Consumer's
Guide to Reverse Mortgages in Arizona
Click here for
the top 10 things to know if you are interested in a
HECM
reverse mortgage.
For many Americans,
retirement is a mixed blessing. On one hand it
is a time to enjoy family and friends, explore
special interests, cultivate new skills and enjoy
living to the fullest. But retirement years
can present special challenges. All too often
people find themselves in need of extra income just
to keep up. We focus on helping older
Americans live in their home comfortably and
securely by turning the equity in their home into
extra cash or monthly income.
We understand that each
individual's needs are unique. that's why we
offer a broad selection of reverse mortgage
products. Deciding if a reverse mortgage is
the right thing to do is an important decision.
We encourage you to take your time, understand your
options, discuss them with those you trust and feel
free to contact us for assistance at any time.
We are confident we can help guide you to the
solution that works best for you. Ultimately
the decision will always be yours. We respect
that and will work closely with you to help you make
the most of your resources.
For many Americans a reverse
mortgage can be a solid financial decision that can
truly improve their quality of life.
If you are 62 years of age
or older and have equity in your home, a reverse
mortgage can turn that equity into cash, a line of
credit, monthly income or a combination thereof.
Unlike a traditional mortgage, there are no monthly
mortgage payments and the proceeds are tax-free
(consult your tax advisor). There are no
income qualifications. Best of all, you retain
title to your home.
With reverse mortgages, you
have options. There are several types of
reverse mortgage products. These products
offer you to the flexibility to customize a reverse
mortgage specific to your financial objectives.
We will help you assess your individual situation
and recommend a product that best meets your needs.
Available product options
include:
-
HUD/FHA Home Equity
Conversion Mortgages (HECM): Government
insured program that provides cash, line of
credit or monthly income subject to HUD/FHA
lending limits for a fixed term or as long as
you live in your home.
-
Fannie Mae Home
Keeper: Government sponsored enterprise
program that provides cash, line of credit or
monthly income subject to the Fannie Mae lending
limit for as long as you live in your home.
-
Cash Account:
program that provides cash options or lines of
credit with emphasis on higher value homes.
Is a reverse mortgage right
for you?
Most of us love our home.
We have put a lot of ourselves into it.
Perhaps raised our families there, worked hard to
keep it in good repair, lived, loved, laughed and
cried there.
Our home is one of the
biggest financial commitments we make. And it
represents one of our biggest and often most
overlooked sources of extra income.
The ability to remain in our
home while taking care of ourselves financially is
important. A reverse mortgage gives many of us
that opportunity. If you own your home
outright or have only a small mortgage, and if you
could benefit from extra cash to supplement your
existing income, reduce credit card debt, cover
medical expenses, help a loved one or just enjoy
life a bit more, a reverse mortgage may be right for
you.
Getting started is easy.
We will be happy to meet
with you at your convenience to discuss your needs.
We find that the first meeting with a prospective
client takes about an hour to gather facts and get
to know one another. It will be an hour well
spent.
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