Find Reverse Mortgage Lenders in Phoenix, Tucson, Scottsdale
Are you a homeowner age 62 and older living in Arizona? If so, find out how you may qualify for a reverse mortgage. For many older Americans a reverse mortgage translates into financial freedom. You remain living in your home as long as you’d like, make no payments, endure no credit check. Your only responsibility is to pay property taxes, make your annual insurance payments and maintain your home and property.
Federally Insured Reverse Mortgage Loans in Arizona
The Home Equity Conversion Mortgage, HUD’s federally insured reverse mortgage, is suitable for most borrowers. Before considering a HECM make sure to consult the HUD list of current approved lenders. This is provided free on HUD’s website.
Low-Cost and Single Purpose Reverse Mortgages in Arizona
Arizona is one of a couple dozen states that offers a property tax deferral program, a type of single-purpose reverse mortgage. Low-income seniors age 70 and over may qualify for this type of program. Borrowers are required to adhere to some of the same regulations at conventional reverse mortgage holders, primarily, no need to pay back PTD while still in residence.
FHA Mortgage Loan Limits in Arizona
HUD Home Equity Conversion Mortgages are dependent on FHA county-imposed mortgage limits. Arizona county FHA limits vary considerably based on local home values. For example, the FHA limit in the Flagstaff area is among the highest in the state.
Reverse Mortgage Providers in Arizona
Use the list of leading lenders in Arizona to find out about the types of reverse mortgages suited to your situation.
American Sterling Bank
This mortgage provider offers both Home Equity Conversion Mortgages as well as jumbo reverse mortgages.
Bank of America
One of the leading retail banks in the U.S. BOA also provides a couple of affordable reverse mortgage products for customers in Arizona. Since well over 90% of seniors qualify for a HUD-approved Home Equity Conversion Mortgage you’ll find them offered through BOA. For customers that require more equity leverage, there is the proprietary Senior Equity Reverse Mortgage Platinum, a reverse mortgage product quite similar to the HECM, but with the option to reserve a percentage of your home’s equity for safe keeping.
EverBank Financial
Arizona is home to a number of leading reverse mortgage lenders of which EverBank is one. With EverBank you may choose from one of three distinct reverse mortgage products: Home Equity Conversion Mortgage, Fannie Mae Home Keeper, and the EB private Reverse Select product. The Home Keeper and Reverse Select offer homeowners a higher lending limit than the FHA HECM and the Reverse Select is specifically designed as a jumbo reverse mortgage product. This private, branded product also features an equity reserve option and both fixed and variable interest rate options. EverBank is a HUD-approved lender.
OmniHome Reverse Mortgages
OmniHome Reverse Mortgages is headquartered in California, but is licensed to do business in Arizona and a host of other states across the country. This independently owned company emphasizes customer service. Contact them for information on the FHA’s Home Equity Conversion Mortgage, the Fannie Mae Home Keeper reverse mortgage, or Financial Freedom’s Cash Account Advantage Plan, a jumbo reverse with the option to lock in a percentage of your home’s equity for future heirs.
Wells Fargo
One of the most well-respected retail banks in the U.S., Wells Fargo offers two of the most popular reverse mortgage products including: the HUD-approved Home Equity Conversion Mortgage and the Fannie Mae Home Keeper.