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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9455 E Raintree Drive Scottsdale, AZ 85260
$475,000
3
Beds
2
Baths
1,509
SqFt
Status
Active
MLS #
6671237
Property Type
Apartment
Price Type
--
HUGE PRICE REDUCTION! Great Opportunity !! Ground Floor End Unit in Ladera Vista Condos. Remodeled Kitchen: Quartz Countertops, Marble Backsplash, Cherry Wood Cabinets, 20''x20'' Tile Floors, Pantry with Pull-Out Drawers, SS Appliances. Remodeled Master & Hall Baths. Enjoy the Rain Shower Head in Master! 3rd Bed used as a Den., no closet. Newer HVAC & Hot Water Heater. NO Carpet - all Hard Floor Surfaces. Natural Lighting from Many Windows and Sliders. Two patios for Easy Relaxing Times. Appliances Stay. Cute Ceiling Fans, too. Assigned Covered Parking is located directly by the Front Door. Gated Community with Heated Community Pool & Spa. Ladera Vista is close to AJ's, Starbucks, restaurants, golf, hiking, Westworld, 101 & so much more.
1046 W Empress Tree Avenue Queen Creek, AZ 85140
$475,000
3
Beds
2
Baths
1,670
SqFt
Status
Active
MLS #
6693741
Property Type
Single Family Residence
Price Type
--
Amazing 3B2B! Would make an amazing home or vacation rental with its pool, jacuzzi, BBQ, trampoline, and firepit. The home is in a quiet serene neighborhood. Enjoy the well landscaped backyard, patio, and salsa garden! Hope you love this house!
14827 N 29th Drive Phoenix, AZ 85053
$475,000
3
Beds
2
Baths
1,825
SqFt
Status
Active
MLS #
6662561
Property Type
Single Family Residence
Price Type
--
This desert-landscaped, corner property is an oasis with style, location & value! Featuring 2 RV gates, 2 car tandem garage w/attached shelves & extra storage/work space. The charming interior boasts spacious living areas w/natural & recessed lighting, cozy fireplace, both tile & laminate flooring. The kitchen includes an electric cooktop, wall oven, granite counters, track lighting, & breakfast bar. Main bedroom offers private backyard access & mirrored door closets. Both baths flaunt travertine tile throughout. The home's elegance extends outdoors to the remarkable 60 ft travertine covered patio, outdoor kitchen, RV parking, doggie door to fenced side yard, & refreshing pool & fountain. Quiet neighborhood yet close to I-17 access, shopping, dining & 15 mins from downtown. Make it yours!
17626 W Calistoga Drive Surprise, AZ 85387
$475,000
2
Beds
2
Baths
2,019
SqFt
Status
Active
MLS #
6668023
Property Type
Single Family Residence
Price Type
--
Beautiful Sierra, boasts private covered patio with N/S exposure, GUTERS ON FRONT, Neutrally decorated, newer HVAC,Large MBR, 2 sinks in master bath, tile & carpet in all the right places, extended breakfast nook w/bay window. DEN HAS A BUILT IN CLOSET. Could be considered a 3rd bedroom, Extended garage with SEPARATE MITSUBISI HEATING & COOLING SYSTEM , newer HVAC,. This is a must see property!
5743 W Illini Street Phoenix, AZ 85043
$475,000
3
Beds
2.5
Baths
2,277
SqFt
Status
Active
MLS #
6667151
Property Type
Single Family Residence
Price Type
--
MUST SEE! Highly upgraded 2021 home with spacious 2,277 sf floor plan has 3 bedrooms, a loft and a front den/office space. Kitchen has highly upgraded quartz countertops, gas range, touch sensor faucet, walk-in pantry, pull-out garbage and some cabinets have pull out drawers. Master suite is split from other bedrooms and has a large walk in closet, bathroom with separate tub/shower and water closet. All bedrooms have walk in closets. The backyard is low maintenance synthetic grass with pavers ready for a grill or firepit area and a covered patio. Wood look blinds downstairs and shades upstairs. Water softener loop and hot water heater located in extended area of the garage. Easy access to the 202 and I-10. Community pool, playground and walking paths. Don't miss this one!
12530 N 174th Drive Surprise, AZ 85388
$475,000
4
Beds
3
Baths
2,012
SqFt
Status
Active
MLS #
6667252
Property Type
Single Family Residence
Price Type
--
Unveiling the Stunning Larkspur model! Open floorplan, luxe ensuite in the primary bedroom. Built in 2022, this like-new single-story boasts 4 beds, 3 baths. Upgraded farm house sink and granite countertops. Fully landscaped front and backyard with a drip system and gorgeous plants. Your dream home is a tour away!
7790 W Emerson Drive Kirkland, AZ 86332
$475,000
3
Beds
3
Baths
2,593
SqFt
Status
Active
MLS #
6668827
Property Type
Single Family Residence
Price Type
--
This ranch-style hilltop home has million dollar, panoramic views for miles, nearly 7 acres of fenced and gated land, outbuildings, and potential guest house! You will love your full views of both sunrise and sunset, as well as the vast and powerful mountain ranges that fill the horizon. The peace and privacy you will find while listening to the abundant wildlife is unmatched. All your toys and hobbies will find a home on this perfectly situated property on the paved county road. The home is nearly 2600 sqft - with 3 large bedrooms, 2 bonus rooms, 3 full baths, an open kitchen with pantry, plenty of cabinet space, dining room, living room, and huge climate controlled laundry room that can double as an office, media room, or bonus space. Add to that a large attached 2-car Garage that has tons of extra space with shelves and built-in counters, well house and well equipment, detached exterior 16x12 shed (included with full-price offer only), and 600 sqft storage building with the potential to become a guest house or rental. New roof, updated flooring, and more! see attached docs for a breakdown of upgrades/updates. This town is a well-kept Prescott area secret! This peaceful location will allow you to take a deep breath and reset! 25 minutes (17 miles) from downtown Prescott and less than an hour from Wickenburg. If you are looking for rural yet convenient, don't overlook Wilhoit!
20725 W Colter Street Buckeye, AZ 85396
$475,000
2
Beds
2
Baths
1,581
SqFt
Status
Active
MLS #
6673074
Property Type
Single Family Residence
Price Type
--
Tenant Occupied until May 20th. This Villa is a great full-time residence, or lock and leave, or an investment property generating $20K NET income per year. Villa is situated on an elevated lot with charming tree-lined walking pathway. Mountainside is the only gated community in Victory (55+), featuring private pool and social areas for residents. Enjoy the gourmet kitchen complete with designer-selected features from top to bottom including stainless appliances. You'll appreciate the 10' ceilings and abundant natural light. The family room has large dual pane low E 3 energy efficient picture windows looking out onto your private outdoor paver patio. An oversized super shower and upgraded surfaces highlight the spa-like owners bath. Two bedrooms AND office/den w French doors.
5537 S Marble Drive Gold Canyon, AZ 85118
$475,000
3
Beds
2
Baths
1,675
SqFt
Status
Active
MLS #
6673822
Property Type
Single Family Residence
Price Type
--
Check out this 3 bed, 2 bath COMPLETELY REMODELED home on a corner lot! Walk into an open concept floor plan w/ a BRAND NEW Kitchen that includes White Kitchen Cabinetry w/ gold pulls, quartz countertops, Stainless Steel Appliances & a HUGE Island. Enjoy the mountain views of the back patio, w/ no neighbors behind. The oversized primary suite has a walk-in closet, soaking tub, tiled walk-in shower & modern vanity. The guest bathroom features double sinks, upgraded fixtures & a tiled walk-in shower. Home is punctuated w/ luxury vinyl planks throughout. Property is walking distance to the fitness center 2 pools, hobby rooms, computer lab, library, billiards, ballroom, 18-hole Mountain Brook Championship Golf Course. two pools, hobby rooms, a computer lab, library, billiards, ballroom, Tennis, pickleball, & bocce ball courts. Make your appointment today!
3620 E Sumner Place Rimrock, AZ 86335
$475,000
3
Beds
2
Baths
1,716
SqFt
Status
Active
MLS #
6672634
Property Type
Single Family Residence
Price Type
--
This stunning brand new 3 bedroom/2 bath home is in the pristine gated community of Beaver Creek Preserve in Rimrock AZ. Beautifully done Open floor plan with granite/quartz countertops, kitchen island, wood cabinetry and lots of storage and tile flooring. Private back Patio. Huge RV Storage! No RV? Then sky's the limit of what you can do with that space! Storage for your motorcycles, ATV's, Golf Carts! Turn it into a sports Room w/pool table, Ping-Pong, Man Cave, or add a platform for more storage, build a loft, Car lift.. really anything! Great private space between neighbor's min 20ft easements. Clubhouse offers pool tennis, Lounge area, BBQ for all you Friends and Family! Great location just off the freeway, Peaceful and Quiet! 20 min to Cottonwood, 25 min to Sedona, 1 hr to Flagstaff Lots of hiking trails, fishing and just beautiful scenery! ** Price reflects a 30K incentive reduction by using the builders preferred lender! **Come check it out! Make us an offer today and we can make it work!
2323 E Harvard Street Phoenix, AZ 85006
$475,000
3
Beds
2
Baths
1,453
SqFt
Status
Active
MLS #
6672801
Property Type
Single Family Residence
Price Type
--
Property eligible for a $10,000 grant as primary residence with FHA or Conventional loan. Plus a one point rate buy-down! Seller also willing to offer buyer concessions. Welcome to this cozy, completely remodeled, historical, yet modern home, in the Green Gables neighborhood! Huge open space designed for today's lifestyle. New roof, windows, AC, all updated in 2018. This home's location make it a true gem in the market. Centrally located in a well-established but constant developing neighborhood of the urban Avalon Subdivision - None HOA community that has a ton of character. Just a quick drive to Downtown Phoenix, Arcadia, Biltmore, Scottsdale, and Tempe. Easy access to the I-10, 202, and 51 freeways, makes this the ideal and perfect location for authentic inner city-life.
21639 N Backus Drive Maricopa, AZ 85138
$475,000
3
Beds
2
Baths
1,919
SqFt
Status
Active
MLS #
6673021
Property Type
Single Family Residence
Price Type
--
Gorgeous GOLF COURSE home with HEATED POOL and views of the 12th and 13th holes. Fabulous interior featuring custom floor tile with diamond inlay, and no carpet in the whole house. Upgraded kitchen cabinets, granite counters, kitchen island with breakfast bar, and high-end stainless appliances. Fantastic floorplan with high vaulted ceilings and large windows providing lots of natural light. 4 separate doors lead to the patio and the incredible backyard. The immaculate interior is matched by the meticulously maintained landscape in the front and back yards. There is a large area of pavers on the side of the house for additional parking. You'll enjoy entertaining with the built-in BBQ, soothing waterfall, and there is a deluxe misting system on the patio powered by a compressor.