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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6962 W Glenn Drive Glendale, AZ 85303
$475,000
3
Beds
2.5
Baths
2,500
SqFt
Status
Active
MLS #
6695811
Property Type
Single Family Residence
Price Type
--
Clean, well maintained 3 bedroom, 2.5 bath w extra large loft and family room, sitting on a corner lot. Extra wide stairway leading to second floor w safety gate at top. Bedrooms & Laundry all upstairs. Grab-bars in all bathrooms. Beautiful kitchen, extended granite counters & white cabinets w pull out organizers, corner pantry, upgraded appliances, Lg. breakfast island open to living space makes home great for entertaining. Double-gate to backyard that has well established shade trees, extended patio for relaxing, 220 volt hookup installed, and plenty of room for a pool. Storage cabinets in garage, Solar sunscreens on every window. House pre-wired ethernet, wired surround sound in family room and loft as well as home security system & med sized dog door. Ready to be your new family home
9641 E Indiana Avenue Sun Lakes, AZ 85248
$475,000
2
Beds
2
Baths
1,409
SqFt
Status
Active
MLS #
6695852
Property Type
Single Family Residence
Price Type
--
Choosing to purchase this home would be like moving into a new build, but with the benefit of an INCREDIBLY RELAXING landscaped yard on a private, corner lot in a well-established neighborhood. Whether you're a winter visitor or full-time resident, you'll love living in THIS remodeled home. This 2 bd/2 ba model is on the smaller side of those offered in Sun Lakes, but the1409 sf floor plan feels spacious and functional. You won't need any more square-footage. Three skylights and large picture windows throughout add to the open feel. Some highlights of the remodel include all new wood-look laminate flooring (no carpet anywhere), new baseboards, new interior paint, new ceiling fans and light fixtures in every room, new kitchen cabinets w/Quartz countertop and backsplash, new LG S/S appliances, a newer A/C, a new roof and gorgeous new bathrooms to include a curbless shower in the primary bath. Rather than list them all here, please refer to the DOCUMENTS tab for a complete list of the room-by-room features. The 50+ photos attached will take you on a digital tour that is sure to entice you into a personal visit. Thanks for stopping by!
6145 E Sierra Morena Street Mesa, AZ 85215
$475,000
3
Beds
2
Baths
1,595
SqFt
Status
Active
MLS #
6695979
Property Type
Single Family Residence
Price Type
--
Nestled within a serene community, this inviting 3-bed, 2-bath residence exudes tranquility and comfort. The home boasts airy interiors illuminated by vaulted ceilings and abundant natural light, enhanced by wood flooring and tasteful two-tone paint. The kitchen offers ample storage with a pantry. Whether enjoying meals in the formal dining area or the cozy eat-in kitchen, every moment is savored in this versatile space. Outside, residents indulge in a plethora of community amenities including biking/walking paths, a clubhouse, tennis courts, and a refreshing pool and spa, all enveloped by the lush backdrop of a nearby golf course. This residence harmoniously blends modern living with a tranquil lifestyle!
1657 S Murdock Road Camp Verde, AZ 86322
$475,000
3
Beds
2
Baths
1,533
SqFt
Status
Active
MLS #
6696487
Property Type
Single Family Residence
Price Type
--
Welcome to your new home! This charming 3 bed, 2 bath sanctuary boasts 1532sqft of comfort and style. Nestled on a private well, enjoy peace and serenity. Revel in the modern touches with a newer roof, fresh flooring, plush carpet, and upgraded lighting fixtures. Gather around the cozy fireplace in the family room for memorable evenings. Don't miss your chance to make this haven yours!
1824 N Vista Lane Casa Grande, AZ 85122
$475,000
5
Beds
3
Baths
2,942
SqFt
Status
Active
MLS #
6697569
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home on a serene cul-de-sac lot, surrounded by lush landscaping and boasting a crisp curb appeal. With only one neighbor, you'll enjoy privacy and tranquility in this peaceful neighborhood. Step inside and be greeted by a grand entryway into the spacious living room, featuring vaulted ceilings, two-tone paint, and stunning wrought iron railing. The open floor plan flows seamlessly into the eat-in kitchen with a breakfast bar, perfect for entertaining guests or enjoying family meals. The kitchen is any chef's dream with stainless steel appliances, maple spice cabinets, crown molding, and recessed lighting. Enjoy cooking outside in the outdoor kitchen equipped with a built-in BBQ while taking in views of your beautiful koi pond. Retreat to your primary bedroom oasis with access to a private view deck where you can relax and take in the breathtaking surroundings. The en-suite bathroom offers raised vanities with dual sinks, separate shower/tub, double closets for ample storage space. This former model home also features an upstairs laundry for convenience and a downstairs mother-in-law suite for guests or multigenerational families. Don't miss out on this rare opportunity to own such a unique home that checks off all boxes - location, privacy, luxury amenities - all wrapped up in one gorgeous package!
2141 N 135th Drive Goodyear, AZ 85395
$475,000
3
Beds
2.5
Baths
2,064
SqFt
Status
Active
MLS #
6698130
Property Type
Single Family Residence
Price Type
--
Nestled in the well-maintained Palm Valley community, boasting gated entry, a community pool and spa, playgrounds, community golf course, sports courts, and biking/walking trails! This residence harmonizes modern living with tranquil outdoor beauty, epitomizing the allure of Arizona living.
13420 W Peck Drive Litchfield Park, AZ 85340
$475,000
4
Beds
2.5
Baths
2,235
SqFt
Status
Active
MLS #
6698178
Property Type
Single Family Residence
Price Type
--
Become the proud owner of this two-story residence in the desirable Community of Dreaming Summit! The charming interior boasts an open layout adorned with tall ceilings, tile flooring, and fresh carpet. Prepare gourmet meals in the kitchen, outfitted with built-in appliances, ample counter space, wood cabinetry, breakfast bar, and large walk-in pantry. Downstairs den could be used as bedroom 5, or take advantage of the custom desk for ready to work home office. Spacious loft is ideal for an entertainment area! The generous main suite has new plush carpet, double-door entry, large bath, and separate his and hers walk-in closets. Out the back, you have a covered patio, extra patio space for seating or BBQ, and a refreshing pool and spa that are excellent for relaxation. Don't miss out!
4627 N 11th Street Phoenix, AZ 85014
$475,000
3
Beds
2
Baths
1,100
SqFt
Status
Active
MLS #
6698442
Property Type
Single Family Residence
Price Type
--
AMAZING OPPORTUNITY to own this home with a guest house!!! Front house: 3 bedrooms/ 2 baths! Guest house: 1 bedroom/1bath! Super convenient location in Central Phoenix and highly desirable school districts. Recent updates: new roof, both units fully painted, carpets and blinds, and in 2023. Front home water heater replaced in 2023. Also in 2023, all gas lines to appliances in the front house repaired. Kitchen sink new pipe and fittings. Installed clean outs in yard. New Day & Night 4 ton 14 seer AC on front house Jan 2024 through Viking heating & air 10 yr parts warranty & 2 yr labor. New toilet in guesthouse. THIS ONE WILL GO FAST!
2414 W Kiowa Circle Mesa, AZ 85202
$475,000
3
Beds
2
Baths
1,822
SqFt
Status
Active
MLS #
6699157
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home nestled within the coveted Dobson Ranch community in Arizona! This charming abode boasts 1,822 square feet of comfort and style, featuring 3 bedrooms/2bathrooms, vaulted ceilings, and new roof and flooring installed in 2011. Living room complete with fireplace. Enjoy having outdoor access from all bedrooms with 2 of the bedrooms have their own private garden! Beyond the walls of your abode lies the vibrant Dobson Ranch community, renowned for its picturesque surroundings and abundance of amenities. Residents of Dobson Ranch enjoy access to sparkling pools, lush green parks, scenic walking trails, and recreational facilities including tennis courts and golf courses. You have to come check out this home!
1744 E Los Alamos Street Gilbert, AZ 85295
$475,000
3
Beds
2
Baths
1,124
SqFt
Status
Active
MLS #
6699262
Property Type
Single Family Residence
Price Type
--
Welcome to your slice of paradise in Gilbert! This charming single-story home offers 3 bedrooms and 2 bathrooms, meticulously remastered for modern comfort and style. Step inside and be greeted by a delightful open floor plan, adorned with luxurious Luxury vinyl plank flooring that adds both elegance and durability to the space. The kitchen is a chef's delight, boasting solid stone counters, crisp white shaker cabinets, and gleaming stainless steel appliances, creating a perfect blend of functionality and sophistication. Retreat to the spacious primary room, complete with a large en suite featuring exquisite fixtures, shaker cabinets, and a beautifully tiled stand-in shower. Plus, the walk-in closet is equipped with a fantastic closet system, offering ample storage and organization options. Step outside to your expansive backyard oasis, where lush mature landscaping and trees provide privacy and tranquility, creating the perfect setting for outdoor gatherings or simply relaxing under the Arizona sky.
233 W Harvard Avenue Gilbert, AZ 85233
$475,000
4
Beds
2
Baths
1,403
SqFt
Status
Active
MLS #
6699265
Property Type
Single Family Residence
Price Type
--
You'll love this charming home in Gilbert positioned less than a mile from downtown Gilbert! Get it painted any color courtesy of seller as well! A 2-car garage and grassy front yard await. Enter to find an open layout w/backyard access to merge the indoor/outdoor activities, vaulted ceilings that add to the airy feel, recessed lighting, and wood-look flooring. The immaculate kitchen features stainless steel appliances, white cabinetry, quartz counters, and an island w/breakfast bar. The bright primary room offers a double-door entrance, a walk-in closet, and an ensuite w/a floor-to-ceiling tiled shower. Venture into the sizeable backyard boasting artificial turf, a covered patio, and trees planted in the yard that will continue to mature to add privacy. What are you waiting for?
1317 E Carson Drive Tempe, AZ 85282
$475,000
4
Beds
2
Baths
2,070
SqFt
Status
Active
MLS #
6699356
Property Type
Single Family Residence
Price Type
--
Location, location, location! This 4 Bedroom 2 Bathroom charming home in Tempe is ready for you to make your own. Not only does it have great curb appeal, this popular split floor plan offers 3 bedrooms on one side and a spacious Primary Suite on the other. The centrally located kitchen can also be opened up for more entertaining space. The oversized laundry room is rare for a home built in this era and can be used for multiple purposes. The south facing backyard is peaceful and showcases multiple gardens. Located 15 minutes from the airport and positioned in between 3 major freeways, minutes from shopping and restaurants, this opportunity won't last long.