Reverse Mortgage Broker AZ

Seniors with a fixed income may need to juggle a variety of bills.

Qualified homeowners might have options to eliminate a mountain of debt.

A reverse mortgage broker in Arizona can share some brighter possibilities.

Why Get a Reverse Mortgage?

A reverse mortgage is not a typical home loan.

The proceeds from a reverse mortgage may be distributed in a lump-sum or in monthly intervals or as a line of credit.

The loan amount is not income based.

Monthly payments are not required for a reverse mortgage.

Home equity may be quickly converted into cash via tax-free payments.

Aging in place, at home versus a care facility is a major benefit that many seniors enjoy about reverse mortgages.

The minimum age requirement for a reverse mortgage is 62 years old.

Borrowers must reside in the home, where the reverse mortgage is secured.

Demonstrate an ability to pay for annual taxes, homeowners insurance, HOA dues and to maintain the property’s condition.

A substantial amount of equity is required to qualify for a reverse mortgage.

Generally, the time frame to complete a reverse mortgage is less than 60 days.

Borrowers must receive counseling about reverse mortgages from a HUD-approved agency.

An appraisal and loan documents must also be submitted and reviewed by an underwriting team.

Assistance from an experienced mortgage professional who understands reverse mortgages is recommended.

Samantha Cooley is a licensed mortgage broker with Mindful Money.

For more than 20 years, Samantha has provided honest and reliable support for families who needed to work with a trusted financial professional.

As a competent reverse mortgage broker in AZ, Samantha maintains a professional alliance with the National Reverse Mortgage Lenders Association.

The NRMLA is an educational resource that requires its members to operate ethically and responsibly.

Schedule a Call with Samantha Cooley, a reverse mortgage broker, AZ to discuss any questions about getting a reverse mortgage.