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What is a Reverse Mortgage?
A reverse mortgage, also referred to as a Home Equity Conversion Mortgage(HECM), allows homeowners 62 years of older to convert part of the equity in their homes into cash.
The borrower can choose how to receive funds, either as a fixed monthly amount, line of credit, or a combination of both. The loan is referred to as a reverse mortgages because the lender pays the borrower, and the borrower is not required to make any monthly payments towards the loan balance as long as they live in the come.
One of the common misconceptions about a reverse mortgage is that you will no longer own your home, you still own and live in your house. All reverse mortgages are government insured and do not affect social security.
As long as the home is the primary residence, the borrower is not required to pay back the loan until the home is sold or vacated.
Do I Qualify For a Reverse Mortgage in Arizona?
To qualify for a reverse mortgage in Arizona, one borrower must be 62 years or older. The property must be your primary residence and have enough equity built into your home, or own it outright.
District Silver HECM
- No mortgage payments
- Still own and live in your house
- Loan amount up to $679,650
- Fixed and home equity line of credit options
- Government insured
- Does not affect social security
- One borrower must be 62 or older