Reverse
Mortgages and Your Heirs
Reverse mortgages are
helping older Americans across Arizona achieve
greater financial security. An enjoy their
retirement years to the fullest.
Imagine having the income
you need to remain living comfortably in your home
in retirement--and at the same time make much needed
repairs or renovations, afford quality healthcare,
or even vacation with family and friends.
Nearly 70,000 older Americans have done that thanks
to the reverse mortgage, a unique financial product
that gives older Arizonans the freedom and peace of
mind to fully enjoy the retirement years.
A reverse mortgage is a loan
that allows seniors to use the equity they've
accumulated in their homes over the years to improve
their quality of life and knock down the financial
barriers to independent living. By converting
equity into income, a reverse mortgage is a way to
stay in your home and receive cash to use for almost
any purpose--whether it's day to day living
expenses, home remodeling or repair, paying off
existing debt, earning a college degree, or
traveling the world.
Homeowners who are at last
62 years and older can qualify and may be eligible
even if there is an existing first or second
mortgage. There are no income qualifications.
The size of the reverse mortgage granted depends
upon the applicant's age, the type of reverse
mortgage sought, the home's value, and interest
rates.
For as long as a reverse
mortgage is outstanding, no monthly mortgage
payments are due. The loan matures when the
borrower no longer occupies the home as a primary
residence. This typically occurs upon the sale
of the home, or if the owner permanently moves or
passes away.
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