Arizona Reverse Mortgage Loan Requirements
 

Reverse Mortgage Loan guidelines:
 

• You are over 62 years old
• Own the property outright or have a small mortgage balance
• That you live at the property
• Not be delinquent on any federal debt
• Participate in a consumer information session given by an approved HECM Loan counselor
 

Our Arizona Reverse Mortgage Loan advisors will base your loan amount on:
 

• The age of the youngest borrower
• Current interest rates
• Lesser of appraised value or the HECM mortgage limit or the sales price
• Initial Mortgage Insurance Premium (MIP)--your choices are HECM Standard or HECM SAVER initial MIP
 

Arizona Financial Requirements for Reverse Mortgage (our Calculator doesn't cover these, please call)
 

• No income or employment qualifications are required of the borrower
• No repayment as long as the property is your principal residence and the obligations of the mortgage are met
• Closing costs may be financed in the mortgage
 

Reverse Mortgage Loan Property Requirements
 

The following eligible property types must meet all FHA property standards and flood requirements:
 

• Single family home or 1-4 unit home with one unit occupied by the borrower
• HUD-approved condominium
• Manufactured home that meets FHA requirements
 

*Use our Arizona Reverse Mortgage Calculator to determine if you meet the property criteria.
Why Retirement is Better with a Reverse Mortgage Loan:

Any Reverse Mortgage Calculator will show you that the benefits of using your home equity for financial security is a great option to supplement your Arizona Retirement benefit. 

How to use the Reverse Mortgage Loan Calculator:

The Reverse Mortgage Calculator is a way to determine the preliminary eligibility of your property, yourself, and financial requirements. If you are 62 years of age, and have paid off the greater portion of your mortgage, you are a great candidate for Reverse Mortgage Loan benefits. Please call our friendly Arizona Reverse Mortgage Loan advisors today.

*All Reverse Mortgage Loan information was gathered from the hud.gov portal: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/hecmhome Our Reverse Mortgage Calculator will determine preliminary loan eligibility. The Calculator cannot determine complete Reverse Mortgage Loan eligibility. Full eligibility requires phone consultation with our Arizona Reverse Mortgage specialists.