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A Guide To Aging In Place
Learn How To Use A Reverse Mortgage To Buy A House
See the Top 10 Home Improvements for Seniors
Find Out What The 2008 COLA Increase Means To You
Just The FAQs: Answers to Common Questions About Reverse Mortgages
See the Top 10 Reasons Seniors Get Reverse Mortgages
See the Top 10 Myths About Reverse Mortgages
Learn About Using A Reverse Mortgage As An Estate Planning Tool
Learn About Reverse Mortgage Safeguards
Learn About Pros and Cons of Reverse Mortgages
Using Reverse Mortgages For Health Care
Tucson Arizona Reverse Mortgage Information
All across Arizona, more people are turning 62 every day and entering into the "golden years" of their lives. The "small-town feel" community of Tucson provides seniors with a comfortable way of living their retirement years doing the things they love.
Seniors in Tucson stay busy doing the things they love -- from visiting their families to going to the "big game" to hiking in the great outdoors. There is always something to do in Tucson!
Many seniors in Tucson have chosen to enjoy their golden years rather than worry about making their next mortgage payment -- they have started putting their mortgage to work for them by using a Tucson Reverse Mortgage.
Tucsson FHA Reverse Mortgage HECM Program
In Tempe, the most popular reverse mortgage program is the Home Equity Conversion Mortgage (HECM) FHA-insured Reverse Mortgage program and it can be used by senior homeowners age 62 and older to convert the equity in their home into tax-free monthly income.
Benefits of a Tucson Reverse Mortgage
- No monthly mortgage payments
- Title remains in your name
- Tax-Free money can be used in any way you choose
- Option for a credit line to handle life emergencies or unexpected expenses
- No income, credit or health requirements
- Eliminate debt by paying off mortgages and credit cards
Tucson FHA Reverse Mortgage HECM Counseling
Before getting an FHA reverse mortgage, it is required that you meet with an FHA reverse mortgage counselor who will answer any questions that you may have. This reverse mortgage counseling session is designed to help you determine if the FHA reverse mortgage is right for your situation.
Just a few of the things that the FHA reverse mortgage counselor will discuss are program eligibility requirements and provisions for the mortgage becoming due and payable. When you have completed the FHA HECM reverse mortgage counseling session, you should be able to make an independent decision as to whether or not a reverse mortgage is right for you.
A Tucson Reverse Mortgage Is Still a Loan?
With a reverse mortgage, it is still a home loan, but instead of you paying the mortgage company, they pay you! Whether you choose a line of credit, monthly payments or a lump sum, you retain title and the ownership of your home.
As long as you live in your home and keep your taxes and insurance paid, you can never be forced out. The federal government also guarantees your reverse mortgage, which means that you don't ever have to make a payment, you can never owe more than your house is worth and your heirs can make the decision on whether to sell or move into the house.
How to Qualify for a Tucson Reverse Mortgage
The basic criteria for qualification of a Tucson reverse mortgage include:
- Age 62 years of age or older
- Own your property
- Occupy your property as primary residence
- Single family home or 1-4 unit home with one unit occupied by the borrower
- HUD-approved condominiums
- Manufactured homes and leased land
- Participation in a consumer information session given by an approved HECM counselor
With the requirements matching many seniors lives right here in Tucson, there is no reason to delay! Call now to get your reverse mortgage questions answered and to begin the process.
Get Started Now!
