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 4,313 1,251,896,384
SUN AMERICAN MORTGAGE CO 4,265 1,045,079,714
FINANCIAL FREEDOM SENIOR FUNDING CORP 1,423 271,702,759
BANK OF AMERICA 1,285 287,862,700
SUN VALLEY FINANCIAL OF UTAH INC 1,215 258,231,444
V.I.P. MORTGAGE INC. 1,136 372,409,166
ONE REVERSE MORTGAGE LLC 1,057 253,874,872
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 980 373,118,381
REVERSE MORTGAGE FUNDING LLC 788 315,869,766
FINANCE OF AMERICA REVERSE LLC 775 257,811,910
HIGH TECH LENDING INC 724 213,395,326
MUTUAL OF OMAHA MORTGAGE INC. 464 186,087,734
LIBERTY HOME EQUITY SOLUTIONS INC 450 109,173,331
OPEN MORTGAGE LLC 404 123,737,378
SEATTLE MORTGAGE COMPANY 367 76,449,442
COUNTRYWIDE BANK FSB 349 74,689,980
PHH MORTGAGE CORPORATION 336 132,226,675
SOUTH RIVER MORTGAGE LLC 336 123,459,875
METLIFE BANK NATIONAL ASSOCIATION 334 77,751,590

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 3,900 1,168,710,013
SUN AMERICAN MORTGAGE CO 1,726 581,181,372
V.I.P. MORTGAGE INC. 1,032 342,807,880
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 931 362,402,434
REVERSE MORTGAGE FUNDING LLC 788 315,869,766
FINANCE OF AMERICA REVERSE LLC 773 257,421,910
ONE REVERSE MORTGAGE LLC 721 183,051,772
HIGH TECH LENDING INC 692 205,501,426
MUTUAL OF OMAHA MORTGAGE INC. 464 186,087,734
LIBERTY HOME EQUITY SOLUTIONS INC 438 105,003,831

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%
2022-04-01 3.56% 3.13%

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 PHOENIX 85017 6,279
2 TUCSON 85710 3,707
3 MESA 85204 3,282
4 SCOTTSDALE 85250 2,659
5 SUN CITY 85351 2,308
6 LAKE HAVASU CITY 86403 1,471
7 GLENDALE 85301 1,332
8 SURPRISE 85374 1,278
9 SUN CITY WEST 85375 1,211
10 PRESCOTT 86303 1,165
11 CHANDLER 85225 1,041
12 PEORIA 85345 1,037
13 PRESCOTT VALLEY 86314 831
14 GILBERT 85234 783
15 SUN LAKES 85248 738
16 GREEN VALLEY 85614 697
17 TEMPE 85282 613
18 GOODYEAR 85338 596
19 YUMA 85364 545
20 KINGMAN 86401 503
21 MARICOPA 85239 497
22 BUCKEYE 85362 425
23 BULLHEAD CITY 86442 410
24 SEDONA 86336 396
25 SAN TAN VALLEY 85140 372
26 APACHE JUNCTION 85220 329
27 FOUNTAIN HILLS 85268 323
28 CASA GRANDE 85222 310
29 PAYSON 85541 306
30 COTTONWOOD 86326 299

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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