Are you a senior looking to increase your income during your retirement years while staying in the home that you love?
A reverse mortgage may be for you.
Desert Springs Mortgage is based in Phoenix and operates throughout the state of Arizona and also in California, Colorado, Oregon and Washington.
Whichever of those beautiful states you have chosen to retire in, we can help you make the most of your golden years.
What is a Reverse Mortgage?
A reverse mortgage is a loan which allows you to borrow against the equity in your home. Only senior citizens are eligible to apply for this type of mortgage.
With a reverse mortgage, you can stay in your home for as long as you want.
Your Cash, Your Freedom
When you take out a reverse mortgage, you receive the funds as cash which you can spend however you wish with no limitations.
Here are some ideas for what you can finance with a reverse mortgage:
- Home repairs
- Home upgrades
- A down payment on a second home
- A new car
- Automotive repairs
- Fund a business
- Clear old debts
- Keep up with bills
- Medical expenses
- Take a vacation
Some people also take out reverse mortgages simply to increase their financial flexibility and have an emergency fund. With greater peace of mind, you can stress less and live life to its fullest.
Arizona Reverse Mortgage Benefits
Here are some of the advantages which a make reverse mortgage one of the most versatile and attractive borrowing options for seniors:
- You have full control over what you do with the money from the reverse mortgage. Spend it or save it; it’s up to you.
- In most situations, reverse mortgage income cannot be taxed.
- You can decide between a lump sum, installments or a line of credit.
- A reverse mortgage is not due until a maturity event like the sale of the house or the death of the last borrower.
- Whether you can afford to repay the reverse mortgage or not, you are in no danger of losing your home. You can stay in it for the rest of your life.
Eligibility for a Reverse Mortgage in AZ
Do you qualify for the exciting benefits of a reverse mortgage? You will need to meet these basic requirements:
- You must be age 62 or older, or another borrower on the loan must meet this age requirement.
- You need to be current on all home maintenance payments to receive approval.
- Your credit score, tax history and income must pass an assessment.
- You can only borrow against the equity in your primary residence. You may not use a second home for this purpose.
Apply Now for an FHA Mortgage
Desert Springs Mortgage is based in Phoenix. We work with customers throughout Arizona as well as California, Colorado, Oregon, and Washington.
If you are ready to find out if you qualify to buy a home with 3.5% down and affordable interest rates, please give us a call at (623) 432-1309 to schedule your FHA loan consultation.