There are a variety of mortgage products out there that serve the needs of different homeowners, but it can be hard to know what will work best for you. If you happen to be close to retirement and are looking at options that may be more financially beneficial for you, here are the details on a reverse mortgage and how this product can work for you.
The Details On A Reverse Mortgage
The reverse mortgage was created in 2009 as the Home Equity Conversion Mortgage for Purchase (HECM) following the 2008 recession. While this type of mortgage is only available to homeowners who are 62 or older, it offers a way for people to tap into the equity of their home so that they are not required to pay monthly mortgage payments. There are limitations imposed on this product, but this can be useful, as long as all risks and terms of the mortgage are understood.
What’s Required To Apply?
In order to utilize this mortgage product, the homeowner must have paid off their property entirely or have a significant amount of equity in their current home. As people who want to use a reverse mortgage will have to go through a credit check, they will have to be able to prove that they have the ability to pay for all the fees associated with home ownership. This can include common expenses like insurance, property tax and any other applicable charges that come with a monthly mortgage payment.
How You Can Use It
A reverse mortgage can be confusing to understand. It is intended for those who want to receive monthly payments, get a lump sum payment from their equity or even access a line of credit, or just as a means of tapping into additional funds. This means that the overall loan balance of the mortgage will increase over time due to interest. Also, insurance may not be paid consistently. The reverse mortgage assumes that these expenses will be taken care of once the owner has passed away and the property can be sold or the loan balance is paid by heirs.
A reverse mortgage can be a beneficial product for homeowners nearing retirement, but it’s important to be aware of the associated costs and risks involved to determine if this product is beneficial for you. For more information, give me a call – J.P. Cook – 602-320-4253.
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4504 Besant Way Wickenburg, AZ 85390
$475,000
2
Beds
2.5
Baths
1,720
SqFt
Status
Active
MLS #
6628007
Property Type
Single Family Residence
Price Type
--
Enjoy the Privacy of 2 Primary Suites. Live the good life with a owned Solar System that will have you enjoying APS energy credits throughout the year. Nestled in the Pinto Neighborhood this home features HOA managed landscape & private cul-da-sac location. Your motorized patio shades will provide privacy screening while enjoying the gorgeous sunset colors every night. Upgraded flooring, cabinets, light fixtures throughout with an AMAZING number of cabinet pull outs designed into your kitchen. Home includes custom window covers with additional screening at 12ft sliding wall of glass. Garage includes ample custom cabinet storage, work space & owned RO system.
4010 W Campo Bello Drive Glendale, AZ 85308
$475,000
4
Beds
2
Baths
2,069
SqFt
Status
Active
MLS #
6641786
Property Type
Single Family Residence
Price Type
--
NO HOA!! This 4 Bedroom, all electric home in the Desert Pines neighborhood is in a well maintained neighborhood and offers a perfect canvas for any modern amenities you may want to add to its classic charm. Priced below other available comps in the zip code to provide some instant equity to buyer. You will have plenty of space with a separate Living Room, Family Room with fireplace, Formal Dining Room, a large eat-in Kitchen, a gated diving pool and a spacious side yard suitable for trailer or extra parking. 2 car garage with shelving & a large bonus storage area. This home brings together the options for both the desire for relaxation and entertaining. Step outside to your refreshing pool with its large deck space, creating an ideal area for your outdoor gatherings & summer BBQs. More The back yard is a blank slate for the new pwner to make uniquely their own. A new roof and new hot water heater were installed in 2023. Newer dishwasher - rarely used. Rev Osmosis system installed. Rebuilt pool pump. This home is one of the few in the neighborhood with both an AC and an evaporative cooler to help reduce cooling costs. Two very large trees in the front yard and a huge Orchid tree in the back yard shade the home from the summer heat. Ceiling fans throughout.
24454 N 173rd Lane Surprise, AZ 85387
$475,000
2
Beds
2
Baths
1,492
SqFt
Status
Active
MLS #
6645241
Property Type
Single Family Residence
Price Type
--
Experience the epitome of comfort and style in this exquisite 2-bedroom, 2-bathroom former model home, spanning 1,492 square feet in a gated retirement community. As you step inside, the home welcomes you with its elegant tile flooring, extending throughout the living spaces, while plush carpeting in the bedrooms adds a touch of warmth and comfort. The home's thoughtful design includes a convenient laundry area connected to the primary bedroom's spacious closet, ensuring ease and efficiency. Two car garage with AC. Step outside to the backyard patio with fresh epoxy floor, built in overhead misters for the summers and be captivated by serene lake views, offering a tranquil backdrop for relaxation or entertaining. The community doesn't fall short on amenities, boasting a resort-style pool, pickleball, bocce ball, a mini putt course, and a fitness/recreation centers. The home's eco-friendly approach is highlighted by a tankless water heater, providing endless hot water while conserving energy. This home is more than just a residence; it's a gateway to a life of luxury and leisure, perfectly suited for those seeking a peaceful yet active retirement.
7748 W Stony Quail Way Florence, AZ 85132
$475,000
2
Beds
2
Baths
2,118
SqFt
Status
Active
MLS #
6646242
Property Type
Single Family Residence
Price Type
--
You will love this popular Preserve model completed in 2021. Beautiful 2-bed, 2-bath home w/a den is highly upgraded & impeccably maintained. Kitchen features quartz counters, staggered cabinets w/lighting, SS appliances, gas stove, wall microwave & oven. Laminate wood floors flow through the open living areas. Garage has epoxy, sink, built-in wall cabinets + large storage room w/cabinets. Step outside to your private patio, featuring an outdoor fireplace for cozy evenings. Patio has remote shades that transforms into an Arizona room, letting you enjoy the outdoors year-round. Complete w/a SPA & pergola, this outdoor oasis is perfect for relaxation & entertainment. Don't miss the opportunity to make this house your home. Come see everything is outstanding 55+ resort community has to offer Both master & laundry room have been extended. Lights and garage door can open remotely.
4727 E Euclid Avenue Phoenix, AZ 85044
$475,000
3
Beds
2
Baths
1,596
SqFt
Status
Active
MLS #
6650274
Property Type
Single Family Residence
Price Type
--
Ask your agent about rent to own options with this home. Charming Patio Home in The Pointe South Mountain Nestled in a peaceful cul-de-sac with breathtaking mountain views, this attractively priced patio home in the sought-after ''Resort Style Community'' of The Pointe South Mountain awaits you. Experience the perfect blend of comfort and convenience in this 3 bedroom, 2 bath residence. The family room, adorned with a distinctive bee hive fireplace, flows seamlessly into a cozy living room and dining area. The home features a speakeasy, den and a spacious 2-car garage, all set against the stunning backdrop of South Mountain Preserve and the lush Arizona Grand Golf Course. Just around the corner from the Pima Canyon Trailhead. It's your personal resort oasis. Embrace an active lifestyle with community pools/spas, and endless hiking/biking trails right at your doorstep. Golf enthusiasts will love the proximity to the golf course. This unique neighborhood is just minutes from Sky Harbor Airport, major freeways, and a plethora of shopping centers. Downtown Phoenix, ASU, and much more are easily accessible. Don't miss this opportunity for a serene lifestyle in a prime location. Easy to show - your new home awaits!
17472 W Elaine Drive Goodyear, AZ 85338
$475,000
4
Beds
3
Baths
2,999
SqFt
Status
Active
MLS #
6652448
Property Type
Single Family Residence
Price Type
--
$5,000 credit to Buyer for desired upgrades! Welcome to your new home. This 2-story residence is elegant & functional offering a comfortable & spacious lifestyle. This home is thoughtfully designed to provide convenience and style. The 1st floor has 1 bedrm and a full bathrm, catering to guests or multigenerational living. The 2nd floor features a master bedrm, two bedrms, a den & loft, allowing each family member to have their own space. Enjoy a large dining rm & family rm, perfect for entertaining guests or cozy nights by the fireplace. Chefs will benefit from a spacious kitchen with ample storage space. A generously sized backyard with a covered patio, offering a perfect spot for outdoor gatherings and relaxation. This home will warmly greet you & your guests!
11963 W Levi Drive Avondale, AZ 85323
$475,000
4
Beds
3
Baths
2,025
SqFt
Status
Active
MLS #
6654559
Property Type
Single Family Residence
Price Type
--
NEARLY NEW AND NO WAIT!! This one was perfectly designed and hardly lived in. The 4 bedroom beauty has 3 splits in this floor plan. Privacy was held in the highest regard while designing this home with a bathroom in each wing. The main living space is open and made for entertaining. A large kitchen island provides seating and leaves a nice open floor plan. The colors of the walls, floors and cabinets boast stylish, contemporary colors. A subway tile backsplash is the perfect finish for this fabulous kitchen. The owner's suite is separate from other bedrooms with ample space for your decor. The yard is quaint with a spacious covered patio. The back yard is a blank canvas and ready for your landscaping creativity.
1495 N Casa Grande Avenue Casa Grande, AZ 85122
$475,000
5
Beds
3
Baths
3,100
SqFt
Status
Active
MLS #
6655657
Property Type
Single Family Residence
Price Type
--
RARE FIND! Fully Remodeled - 5 Bedroom, 3 Bathroom - with FINISHED BASEMENT. This ONE-OF-A-KIND Casa Grande home features an OVER-SIZED LOT with WORKSHOP and RV GATE ACCESS/PARKING. Bring your Trucks, Toys, and Trailers - this Property has NO HOA! This unique Property has been fully updated - including: NEW FLOORING, NEW KITCHEN, NEW & UPDATED CABINETS, NEW BUTCHER BLOCK COUNTER-TOPS, NEW APPLIANCES, UPDATED WINDOWS & NEW SUN SCREENS, NEW DOORS, UPDATED PEX/PLUMBING, NEW TOILETS, FRESH INTERIOR/EXTERIOR PAINT, AND MORE! Call for your tour today!
3401 N 70th Avenue Phoenix, AZ 85033
$475,000
4
Beds
2
Baths
2,072
SqFt
Status
Active
MLS #
6655663
Property Type
Single Family Residence
Price Type
--
This charming residence featuring a convenient RV gate & a 2-car garage in the Solar One Community is the one you've been waiting for! Prepare to be impressed by a spacious interior showcasing gleaming wood-look floor, designer color palette throughout, plantation shutters, striking vaulted ceilings, & a lovely fireplace perfect for spending cozy nights at home. The well-appointed kitchen boasts built-in appliances, pendant lighting, & wood cabinetry providing ample storage for your kitchen utensils. The primary bedroom offers a generously sized closet & a private bathroom complete with dual sinks. Discover the fabulous backyard including a full-length covered patio, a gazebo, built-in BBQ, & a relaxing fireplace! Don't miss out on this one!
30596 W Mitchell Drive Buckeye, AZ 85396
$475,000
4
Beds
3
Baths
2,684
SqFt
Status
Active
MLS #
6658563
Property Type
Single Family Residence
Price Type
--
NOW OFFERING $5K IN SELLER CONCESSIONS AND OWNED SOLAR!!! Immerse yourself in the serenity of this well-maintained home in the Sonoran Desert. This captivating single-story retreat is nestled within the close-knit Tartesso community. The highly sought after Onyx floor plan boasts 4 bedrooms, 3 bathrooms, and a study perfect for an office. Upgrades to the home include: wood plank porcelain tiles, stainless steel appliances, and OWNED water softener. The oversized, tranquil, and professionally designed backyard is an entertainer's delight. Enjoy the majestic White Tank Mountains with its hiking trails and breathtaking vistas. Just minutes from the I-10, you can explore the vibrant Phoenix metropolitan area at your leisure.
19832 N 95th Avenue Peoria, AZ 85382
$475,000
2
Beds
2.5
Baths
2,147
SqFt
Status
Active
MLS #
6658696
Property Type
Single Family Residence
Price Type
--
Welcome to the vibrant Westbrook Village lifestyle where you can enjoy all the amenities offered within the community! This home sits on an oversized corner-lot, where you can enjoy the tranquil backyard with a golf course view & orange trees. Enjoy sitting outside with an extended covered patio & plenty of seating areas. Inside, discover vaulted ceilings, archways, plantation shutters & a mix of tile & carpet flooring. Entertain in the spacious living and dining areas or unwind in the cozy family room with a fireplace & wet bar. The bright kitchen offers built-in appliances, a breakfast bar & an eating area overlooking the backyard. Retreat to the main bedroom featuring patio access, dual sinks, a large walk-in shower & a walk-in closet. This house is ready to be made into your home!
4747 W Sunnyside Avenue Glendale, AZ 85304
$475,000
3
Beds
2
Baths
2,048
SqFt
Status
Active
MLS #
6659231
Property Type
Single Family Residence
Price Type
--
The search is finally over! Welcome to this lovely single level residence nestled in Glendale. Discover an inviting interior showcasing gleaming wood floors, designer color palette and a charming fireplace ideal for relaxing during cozy nights at home. The well-appointed kitchen boasts wood cabinetry, sleek granite counters, stylish mosaic backsplash, double wall oven and built-in appliances. All bedrooms feature private outdoor patio access. Bathrooms have been updated and are absolute masterpieces featuring granite counters, travertine and tile! Spend relaxing afternoons along with your loved ones in the quaint yard, offering mature lush landscaping, open patios, detailed granite concrete work and beautiful citrus trees! This is one you don't want to miss!