Reverse Mortgage
Start enjoying your retirement with a reverse mortgage that can convert the equity in your home into cash.
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 home. Borrowers will still be responsible for property taxes, homeowners insurance, HOA fees, and any home maintenance costs.
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.
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.
“Incredibly knowledgeable team, and smooth from start to finish. They handled my dad’s reverse mortgage, because we needed a team we could trust. They made the process, which can be complicated, as easy as possible. Then they handled our refinance, and we couldn’t believe how easy it went. Price Mortgage will be our go-to team from now on.”
– Jed H
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.
Price Silver HECM
- No monthly 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
- One borrower must be 62 or older
*Borrowers are still responsible for property taxes, homeowners insurance, HOA fees, and any home maintenance costs.