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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:
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.
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:
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.
Use our reverse mortgage calculator to receive a free loan estimate.
Our reverse mortgage application process is broken down into four steps:
First, a GoodLife Reverse Mortgage Specialist provides critical information and education about the structure of a reverse mortgage in Arizona.
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.
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.
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.
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.
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.
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.