Arizona Reverse Mortgages

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Arizona

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How a Reverse Mortgage Works in AZ

If you’re looking to increase your cash flow during retirement, an Arizona reverse mortgage may be a viable solution. They allow eligible homeowners to tap into a portion of their home equity and convert it into loan proceeds that can be used to supplement income. Borrowers remain in the property and are not required to repay the loan until it reaches a maturity event. The funds secured through a reverse mortgage in Arizona can benefit seniors by:

  • Paying off existing mortgages and settling outstanding debts
  • Covering medical bills and large expenses
  • Financing home improvements and safety modifications to age in place
  • Pursuing travel, hobbies, and leisure in retirement

For more information, refer to GoodLife’s reverse mortgage guide. We’re a trusted Arizona reverse mortgage company committed to helping seniors achieve The GoodLife in Retirement.

To learn more about the structure of a reverse mortgage in Arizona, download GoodLife’s reverse mortgage guide for additional information.

Have a question about Arizona reverse mortgages?
Contact us today.

Reverse Mortgage Qualifications & Requirements

Also known as a home equity conversion mortgage (HECM), these federally insured loans hold borrowers and their properties to certain eligibility requirements. Therefore, the Arizona reverse mortgage qualifications are standardized with those generally seen across the U.S., stating that borrowers must:

  • Be at least 62 years old
  • Own sizeable home equity
  • Occupy the property as their primary residence
  • Stay current on property taxes and mortgage insurance
  • Maintain the property to FHA standards
  • Attend a HUD-approved counseling session
  • Repay the loan once it becomes Due and Payable

There may be additional reverse mortgage eligibility rules in Arizona that impact your situation. A GoodLife Reverse Mortgage Specialist will be able to discuss your unique circumstances and determine whether this financial product is the right fit for your needs.

Arizona Reverse Mortgage Calculator

Use our reverse mortgage calculator to receive a free loan estimate.

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Arizona Reverse Mortgage Process

Our reverse mortgage application process is broken down into four steps:


Education:

First, a GoodLife Reverse Mortgage Specialist provides critical information and education about the structure of a reverse mortgage in Arizona.

Counseling:

Then, a counselor approved by HUD will review the information we provide you, run the numbers for a second time, and serve as an unbiased helping hand throughout the process.

Application:

Next, we arrange an appraiser to conduct a property valuation which is used to underwrite the value of your loan. To estimate how much you may be able to receive in loan proceeds, refer to our reverse mortgage calculator.

Funding:

Once your application is approved and your loan is processed, we distribute your loan proceeds as a lump-sum, monthly installment, or line of credit, provided that all appropriate payouts have been made.

Reverse Mortgages in AZ: FAQs

Can you get a reverse mortgage if you still have a mortgage?

Yes, many of our borrowers use their loan proceeds to pay off an existing mortgage, eliminate monthly payments, and increase their cash flow during retirement.

What type of home is ineligible for a reverse mortgage in Arizona?

The FHA may insure a HECM on eligible single-family homes, condominiums, duplexes, triplexes, and quadruplexes; multi-family properties with more than five units are considered commercial and do not qualify.

What is the minimum income per Arizona reverse mortgage requirements?

A reverse mortgage loan is secured by home equity, not the creditworthiness of the borrower. However, a loan processor might assess your finances upon application and determine that funds must be set aside from the proceeds in order to satisfy outstanding financial obligations.

For more information, consult our reverse mortgage FAQs or direct your questions to a GoodLife team member who will be happy to assist.

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