Arizona Reverse Mortgage Facts

What are the pros and cons of taking on a reverse mortgage in AZ? Whenever making any type of important decision a responsible person will want to look at what they will benefit from it as well as any negative effects that the decision could have on them. When it comes to getting a reverse mortgage this is obviously a very big decision to make, so it’s only natural that you would want to find out as much as possible about how it works. The good news is that reverse mortgages have a lot of wonderful benefits. Once you read through the pros and cons of reverse mortgages you will probably realize that in many circumstances this is exactly the kind of opportunity that you have been waiting for.

Want to learn more? Click here to get free information about a reverse mortgage in Arizona!

Pros Of Arizona Reverse Mortgages

The biggest pro of a reverse mortgage is that it takes away the burden of having to make a monthly payment to an Arizona mortgage company. Imagine how much easier your life would be if you didn’t have to take what is probably a significant portion of your income and use it to pay for your house each month. When you get a reverse mortgage making mortgage payments becomes a thing of the past forever.

Another major pro of reverse mortgages is that you still own your home, and you can live there for as long as you want to, provided you continue to live there as your primary residence and keep up with your taxes and insurance. Many people are under the misconception that when you get a reverse mortgage you no longer own the Arizona home. This is absolutely not true. It’s your home you can live in it as long as you want to and are able, and you can treat it just like you always have.

As you are nearing or even entering retirement one of the major adjustments that many people have to make is the decrease in their income. After working for most of your life it’s natural to get used to having a paycheck. But what happens when that paycheck goes away and you still have a mortgage payment to make?

With a reverse mortgage, the money you would normally have to commit to your house payment each month suddenly becomes money you can use for other purposes. On top of that, you can even draw money out of the equity of your home. That means that all of those years of making payments can suddenly pay off since you will be able to gain access to that money giving you the ability to have a higher quality of life. This is why the loan is appealing to many Arizona seniors who have most of their net worth tied up in the equity in their homes.

Understanding the Cons Of A Reverse Mortgage in AZ

The biggest drawback of a reverse mortgage is that it is a loan that will have to be paid back when you decide to leave your Arizona home. Your options here, or the options for your heirs, is to either pay off the amount owed or sell the home and pay off the amount that is owed. Once the money that is owed is paid off, any further proceeds from the sale of your home will go to you or your heirs. You will need to decide if this tradeoff is worth it for you.

Want to learn more? Click here to get free information about an Arizona reverse mortgage!

Who are the Top Reverse Lenders in Arizona?

Lender Loans Total Principal Limit
WELLS FARGO 6,076 1,213,358,415
AMERICAN ADVISORS GROUP 4,844 1,494,957,209
SUN AMERICAN MORTGAGE CO 4,478 1,158,720,482
FINANCIAL FREEDOM SENIOR FUNDING CORP 1,423 271,702,759
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1,406 596,115,828
V.I.P. MORTGAGE INC. 1,341 477,020,042
BANK OF AMERICA 1,285 287,862,700
SUN VALLEY FINANCIAL OF UTAH INC 1,215 258,231,444
FINANCE OF AMERICA REVERSE LLC 1,088 411,074,701
ONE REVERSE MORTGAGE LLC 1,057 253,874,872
MUTUAL OF OMAHA MORTGAGE INC. 982 440,784,859
REVERSE MORTGAGE FUNDING LLC 878 366,315,266
HIGH TECH LENDING INC 779 241,663,626
SOUTH RIVER MORTGAGE LLC 510 196,401,875
PHH MORTGAGE CORPORATION 481 194,390,275
OPEN MORTGAGE LLC 455 147,286,678
LIBERTY HOME EQUITY SOLUTIONS INC 450 109,173,331
LONGBRIDGE FINANCIAL LLC 369 174,181,771
SEATTLE MORTGAGE COMPANY 367 76,449,442
COUNTRYWIDE BANK FSB 349 74,689,980

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 4,431 1,411,770,838
SUN AMERICAN MORTGAGE CO 1,939 694,822,140
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1,357 585,399,881
V.I.P. MORTGAGE INC. 1,237 447,418,756
FINANCE OF AMERICA REVERSE LLC 1,086 410,684,701
MUTUAL OF OMAHA MORTGAGE INC. 982 440,784,859
REVERSE MORTGAGE FUNDING LLC 878 366,315,266
HIGH TECH LENDING INC 747 233,769,726
ONE REVERSE MORTGAGE LLC 721 183,051,772
SOUTH RIVER MORTGAGE LLC 510 196,401,875

Arizona Reverse Mortgage Interest Rates

Current Rates

Date Fixed Rate Adjustable Rate
2019-01-01 4.73% 5.02%
2019-02-01 4.85% 5.00%
2019-03-01 4.88% 4.85%
2019-04-01 4.82% 4.72%
2019-05-01 4.73% 4.59%
2019-06-01 4.73% 4.68%
2019-07-01 4.72% 4.30%
2019-08-01 4.73% 4.14%
2019-09-01 4.56% 4.35%
2019-10-01 4.68% 4.12%
2019-11-01 4.81% 4.04%
2019-12-01 4.56% 3.97%
2020-01-01 4.93% 3.97%
2020-02-01 4.35% 3.91%
2020-03-01 NA 3.88%
2020-04-01 4.43% 3.43%
2020-05-01 4.39% 3.26%
2020-06-01 3.95% 3.15%
2020-07-01 3.74% 3.04%
2020-08-01 3.29% 2.96%
2020-09-01 3.41% 2.94%
2020-10-01 3.44% 2.88%
2020-11-01 3.41% 2.85%
2020-12-01 3.16% 2.76%
2021-01-01 3.26% 2.70%
2021-02-01 3.31% 2.63%
2021-03-01 3.25% 2.55%
2021-04-01 3.23% 2.48%
2021-05-01 3.26% 2.35%
2021-06-01 3.39% 2.27%
2021-07-01 3.49% 2.20%
2021-08-01 3.47% 2.17%
2021-09-01 3.45% 2.16%
2021-10-01 3.40% 2.18%
2021-11-01 3.35% 2.17%
2021-12-01 3.40% 2.26%
2022-01-01 3.48% 2.32%
2022-02-01 3.42% 2.43%
2022-03-01 3.43% 2.78%
2022-05-01 3.73% 3.73%
2022-04-01 3.56% 3.13%
2022-06-01 4.28% 4.08%
2022-07-01 4.91% 4.50%
2022-08-01 5.54% 5.02%
2022-09-01 5.41% 5.50%
2022-10-01 5.49% 5.86%
2022-11-01 6.10% 6.48%
2022-12-01 6.93% 6.90%
2023-01-01 6.68% 7.05%
2023-02-01 7.43% 7.06%
2023-03-01 6.31% 7.24%
2023-04-01 6.81% 6.98%
2023-05-01 NA 6.88%
2023-06-01 6.56% 7.16%
2023-07-01 NA 7.52%
2023-08-01 NA 7.60%
2023-09-01 7.06% 7.63%
2023-10-01 6.43% 7.69%
2023-11-01 7.31% 7.71%
2023-12-01 NA 7.61%
2024-01-01 NA 7.55%
2024-02-01 NA 7.34%
2024-03-01 NA 7.18%

Historic Rates

Date Fixed Rate Adjustable Rate
2016-01-01 4.89% 3.52%
2016-02-01 4.87% 3.72%
2016-03-01 4.97% 3.79%
2016-04-01 5.01% 3.99%
2016-05-01 4.95% 4.10%
2016-06-01 4.89% 4.15%
2016-07-01 4.88% 4.21%
2016-08-01 4.98% 4.25%
2016-09-01 4.82% 4.54%
2016-10-01 4.94% 4.57%
2016-11-01 4.83% 4.58%
2016-12-01 4.86% 4.69%
2017-01-01 4.94% 4.77%
2017-02-01 4.90% 4.67%
2017-03-01 4.97% 4.56%
2017-04-01 5.03% 4.50%
2017-05-01 5.00% 4.44%
2017-06-01 4.98% 4.41%
2017-07-01 5.03% 4.46%
2017-08-01 4.98% 4.49%
2017-09-01 5.04% 4.48%
2017-10-01 4.97% 4.51%
2017-11-01 4.97% 4.60%
2017-12-01 4.99% 4.63%
2018-01-01 4.82% 4.65%
2018-02-01 4.81% 4.62%
2018-03-01 4.68% 4.59%
2018-04-01 4.69% 4.72%
2018-05-01 4.57% 4.76%
2018-06-01 4.63% 4.72%
2018-07-01 4.58% 4.69%
2018-08-01 4.64% 4.73%
2018-09-01 4.72% 4.79%
2018-10-01 4.63% 4.74%
2018-11-01 4.68% 4.89%
2018-12-01 4.75% 4.99%

Top Cities in Arizona by Total HECM Loans Originated

Rank City Zip Total
1 SUN CITY 85351 1,892
2 SUN CITY WEST 85375 1,364
3 SURPRISE 85374 930
4 SUN LAKES 85248 800
5 PRESCOTT VALLEY 86314 733
6 LAKE HAVASU CITY 86406 726
7 GREEN VALLEY 85614 645
8 SUN CITY 85373 599
9 PRESCOTT 86301 556
10 MESA 85205 554
11 LAKE HAVASU CITY 86404 505
12 MESA 85206 496
13 PHOENIX 85032 485
14 SCOTTSDALE 85251 450
15 SCOTTSDALE 85254 434
16 PEORIA 85382 433
17 PRESCOTT 86305 403
18 GLENDALE 85308 393
19 PEORIA 85345 391
20 LAKE HAVASU CITY 86403 390
21 GOODYEAR 85395 379
22 SCOTTSDALE 85258 370
23 MESA 85208 365
24 PHOENIX 85022 360
25 FOUNTAIN HILLS 85268 353
26 SCOTTSDALE 85260 352
27 PRESCOTT 86303 351
28 PAYSON 85541 345
29 TUCSON 85710 339
30 CHANDLER 85249 339

Want to learn more? Click here to get free information about a reverse mortgage in Arizona!

Local HECM Housing Counselors

ADMINISTRATION OF RESOURCES AND CHOICES
3003 S. COUNTRY CLUB ROAD TUCSON SUITE 219, AZ 85713-4082
(520) 623-9383 ext 1002
http://ARC-AZ.ORG

CREDIT.ORG – MESA
4140 E BASELINE RD STE 101 MESA, AZ 85206-4413
(855) 736-7729
www.credit.org

FAMILY HOUSING RESOURCES
1700 N FT LOWELL RD SUITE 101
TUCSON, AZ 85719-2321
(520) 318-0993

TAKE CHARGE AMERICA
20620 N 19TH AVE PHOENIX, AZ 85027-3585
(623) 266-6149
www.housinghelp.takechargeamerica.org

WESTERN ARIZONA COUNCIL OF GOVERNMENTS (WACOG)
1235 S REDONDO CENTER DR YUMA, AZ 85365-2039
(928) 217-7123
http://www.wacog.com

WESTERN ARIZONA COUNCIL OF GOVERNMENTS HOPE – HECM
1235 S REDONDO CENTER DR YUMA, AZ 85365-2039
(928) 217-7161

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