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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12288 W Domino Drive Peoria, AZ 85383
$485,000
3
Beds
3
Baths
2,459
SqFt
Status
Active
MLS #
6703674
Property Type
Single Family Residence
Price Type
--
Your next home is this beautiful 3 bed / 3 bath popular floorplan in Vistancia. Large Kitchen featuring a beautiful Island, walk-in pantry, gas stove and much more. Full Bath & Den on 1st level. Upper level features a large Loft, two secondary bedrooms, upstairs laundry, Master Suite & large closet. Low Maintenance Living at its finest! Community amenities are endless with parks, pools, water slides, splash pad, club house, gym, hiking and biking and off road trails! Separate Community Pool/Spa exclusive for Acacia Grove/Primrose Estates residents. Easy to show and ready to make your next home.
14413 W Dahlia Drive Surprise, AZ 85379
New
$485,000
3
Beds
2.5
Baths
1,929
SqFt
Status
Active
MLS #
6707010
Property Type
Single Family Residence
Price Type
--
Good news and bad news. Good news is you found your dream home! Bad news is it won't last long. In the highly sought after community of Marley Park with over 18 neighborhood parks, splash pads, pools and club house, this like-new home is what you've been waiting for. You will be in awe of the condition of this 3 bedroom with a den, single story home with upgraded tile, modern light fixtures and plantation shutters. The open kitchen is an entertainer's delight with stainless steel appliances, pullout drawers in the cabinets, quartz countertops and updated subway tile backsplash. And wait until you walk out the extended patio doors to your backyard oasis. No detail was missed with the new sparkling pool, extended artificial turf, covered patio and travertine pavers. Don't miss it!
7784 N 58th Lane Glendale, AZ 85301
$485,000
5
Beds
3
Baths
2,271
SqFt
Status
Active
MLS #
6704714
Property Type
Single Family Residence
Price Type
--
Nestled on a tranquil corner lot adjacent to a verdant common area, this charming two-story residence exudes warmth and comfort. Boasting five bedrooms and three baths, including a convenient downstairs bedroom and full bath, it offers ample space for relaxation and entertainment. The inviting kitchen features a breakfast bar, adorned with elegant granite countertops, perfect for culinary delights. A beautiful chandelier graces the dining area, enhancing the ambiance for memorable gatherings. Upstairs, a cozy loft complements the two baths and four bedrooms, providing a retreat-like atmosphere. Outside, a covered patio beckons for leisurely moments, while the two-car garage and RV gate offer practicality and convenience. Conveniently situated near Glendale Community College, es
3819 E Hampton Avenue Mesa, AZ 85206
$485,000
5
Beds
2
Baths
2,167
SqFt
Status
Active
MLS #
6704571
Property Type
Single Family Residence
Price Type
--
This is an upgraded 5 Bedroom, 2 Bathroom, ranch-style Mesa home featuring a covered back patio overlooking the private, fenced pool and synthetic grass play area! Inside, you'll find both a family and living room, with the family room connecting to the kitchen. Dine at the breakfast bar or adjacent dining area! Step into the Master bathroom to see a walk-in, surround-tile shower. This home has OWNED SOLAR for massive savings. Other perks include an indoor laundry room and nearby parks (one with dog park area), plus Eastern Canal Trail for walking, running, and biking. Enjoy close proximity to many shopping and dining options, supermarkets, golfing, and the Usery Mountain Recreation Area!
945 E Playa Del Norte Drive Tempe, AZ 85288
New
$485,000
2
Beds
2
Baths
1,329
SqFt
Status
Active
MLS #
6707309
Property Type
Apartment
Price Type
--
17242 N 40th Place Phoenix, AZ 85032
New
$485,000
3
Beds
2
Baths
1,346
SqFt
Status
Active
MLS #
6706344
Property Type
Single Family Residence
Price Type
--
This charming one-story residence boasts modern comforts and convenience, making it the ideal haven for any homeowner. As you step inside, you're greeted by a seamless blend of style and functionality. The updated kitchen features sleek stainless steel appliances, elegant granite countertops, and ample cabinet space. The living area invites you to unwind and entertain in style. With its open layout and abundant natural light, this inviting space is perfect for hosting gatherings or simply relaxing with loved ones. This home offers the ultimate in convenience, with easy access to major freeways including State Route 51 and Loop 101. Whether you're commuting to work, exploring downtown Phoenix, or indulging in the vibrant culture of Scottsdale, you'll appreciate the proximity to everything the Valley has to offer. Plus, with the airport just a quick trip away, travel has never been more convenient. This home is conveniently located within five minutes of Abrazo Scottsdale Campus Hospital, ensuring quick access to top-notch medical care whenever needed. Recent updates including new interior paint, updated cabinets, renovated bathrooms, and vinyl flooring add a touch of modern elegance to this already impressive home. Don't miss your chance to make this Phoenix gem your own.
7021 E Earll Drive Scottsdale, AZ 85251
$485,000
3
Beds
2
Baths
1,340
SqFt
Status
Active
MLS #
6675259
Property Type
Townhouse
Price Type
--
Charming condo in the heart of Oldtown Scottsdale! End unit with pool and spa right outside front door. Bright open gathering areas with TWO balconies to relax and take in the views. Kitchen has SS appliances, LARGE walk-in pantry, and access to roof-top balcony over-looking pool area. Beautiful master suite with updated bathroom, walk-in closet, and private access to balcony. Private garage right outside front door. Gated community. All this perfectly located in the heart of historic downtown Scottsdale... the center of top-rated restaurants, shopping, galleries, and entertainment all within a quick walk.
1550 S Hopi Trail Dewey, AZ 86327
$485,000
3
Beds
2
Baths
2,056
SqFt
Status
Active
MLS #
6569707
Property Type
Single Family Residence
Price Type
--
*** Ask the Listing Agent about the seller buying down your interest rate as low as 4.99% on this home! Beautifully Remodeled Home on HUGE 136,309 sqft Lot. Brand New Roof. New Heating & AC. New Windows. New Luxury Vinyl Plank (waterproof) Flooring throughout. Kitchen boasts Brand New Cabinets, Quartz Countertops, Stainless Steel Appliances, and Large Island. Convenient Laundry built into 2nd bathroom. Lots of Room for Animals, RV's, etc. Excellent Location with good privacy.
5419 W Beverly Road Laveen, AZ 85339
$485,000
3
Beds
2.5
Baths
2,800
SqFt
Status
Active
MLS #
6601439
Property Type
Single Family Residence
Price Type
--
Come and see this adorable 3-bed, 2.5-bath home plus den in Estrella Mountain Village! The large great room captivates with its spaciousness and natural light, offering a French door that leads to the back patio. The kitchen displays recessed lighting, a pantry, plenty of cabinetry, stainless steel appliances, and a 2-tiered island with a breakfast bar. Flexible den can be used as an office or bedroom. Discover the sizable primary bedroom featuring an ensuite with dual sinks, make-up desk, and a walk-in closet. Built-in cabinets in the loft for extra storage. The backyard is an entertainer's dream, complete with a covered patio where you can unwind and enjoy your private outdoor haven. Seize the opportunity while it's still available!
6438 W Mercer Lane Glendale, AZ 85304
$485,000
3
Beds
2.5
Baths
1,570
SqFt
Status
Active
MLS #
6628488
Property Type
Single Family Residence
Price Type
--
This home is the absolute definition of ''turn-key''. From solar panels and a brand-new roof to new carpet, paint and appliances the list of improvements are too long to list in this description (ask for the list)! With over 90k worth of improvements this home sits ready to go on a corner lot and with NO HOA. With one of the larger lots in the Montara community, you will find yourself walking distance to a fantastic neighborhood green belt and community parks. Welcome home!
4809 E Fire Opal Lane San Tan Valley, AZ 85143
$485,000
3
Beds
2
Baths
2,228
SqFt
Status
Active
MLS #
6677812
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in the Village at Copper Basin Community of San Tan Valley! This stunning 2019-built residence boasts 3 bedrooms and 2 bathrooms, offering a perfect blend of modern design and functionality. The kitchen is complete with granite countertops, a large island, and a stainless steel appliance package. It seamlessly flows into the spacious great room, creating an ideal space for family gatherings and entertaining guests. The oversized primary suite is a true retreat, featuring ample room for a sitting area or home office with views of the pool, dual sinks in the en-suite bathroom, and a generous walk-in closet. The original 4th bedroom has been ingeniously merged to create an oversized double master feel, perfect for accommodating guests, setting up a home gym, or creating a cozy man-cave. Step outside through the glass sliding doors to discover your private backyard oasis. Enjoy lazy afternoons under the covered patio, take a refreshing dip in the PebbleTec SHASTA pool, or let the kids and pets play freely on the lush turf area. Plus, benefit from added privacy as the home backs to a park. This home offers not just a place to live but a lifestyle of luxury and comfort. Don't miss the opportunity to make it yours!
1506 E Bishop Drive Tempe, AZ 85282
$485,000
3
Beds
2
Baths
1,280
SqFt
Status
Active
MLS #
6677904
Property Type
Single Family Residence
Price Type
--
Welcome home to the perfect location! This meticulously maintained home w/NO HOA has a BRAND NEW A/C & is MOVE IN READY- Just bring your belongings! Only a few short blocks to A.S.U., Meyer Montessori School & neighborhood park. Close to Sky Harbor Airport, Tempe Town Lake, Gammage Auditorium, Mill Ave, Tempe Marketplace, shopping, restaurants & more. Outside you will notice the curb appeal, w/solid block construction, plenty of parking in the carport driveway, fresh paint job, & native AZ plants. Enter through a spacious living room that's light & bright. You will be delighted by an updated kitchen complete w/new SS appliances, updated cabinetry, butcher block countertops on the island w/breakfast bar, Formica on the perimeters, & perfect dining space overlooking the beautiful backyard! Exit through French doors to find plenty of space to host a BBQ or add a pool. Entertainment possibilities are endless! There is a large detached structure out back, perfect for extra storage. Backyard has convenient Alley access & an RV gate perfect for all your toys. Large laundry room is detached & is located right off of the carport. Upgrades include brand new Stainless Steel appliances, hood range, & garbage disposal. New water heater April 2024. New A/C May 2024. New interior & exterior paint. Both exterior gates repainted. Both bathrooms have new toilets, light fixtures, vanities, & faucets. Free transportation to downtown Tempe on the blue bus, which runs down College Ave. From there, the light rail system can pick one up, easily move toward the airport, downtown Phoenix & Mesa. Right in the heart of an ASU residential neighborhood rich in University heritage & history, this one is priced to sell and a fantastic opportunity w/short and long term potential. Come & see this one before it's gone!