Tempe Arizona Reverse Mortgage
Your Tempe Reverse Mortgage Guide
Welcome to Tempe
Are you a homeowner in Tempe looking for financial support in retirement? A reverse mortgage home loan may be the solution you’ve been seeking. This type of loan allows homeowners aged 62 and older to access their home equity without the obligation to make monthly payments. Instead, the loan is repaid when the borrower sells the home or passes away. Reverse mortgage loans can provide a stable financial foundation and allow seniors to age in place with the comfort and security of their own home.
Reverse Mortgage
Explore the possibilities of a Reverse Mortgage! Free yourself from worrying about monthly bills and take back control of your financial future. With a Reverse Mortgage, you can unlock the power of your home’s equity while maintaining ownership of your home. Find out today how you can start on the road to financial freedom.
Reverse Mortgage for Purchase
Did you know you can use a reverse mortgage to purchase a new home? A reverse mortgage for purchase allows seniors to buy a new home without making any monthly mortgage payments. Instead of getting an upfront lump sum payment like other reverse mortgages, the loan is used to purchase a new primary residence.
HECM to HECM Refinance
A HECM (Home Equity Conversion Mortgage) to HECM refinance, also known as a HECM loan refinance, is a type of reverse mortgage that allows a borrower to refinance an existing HECM loan with a new one. This can be beneficial for several reasons, such as lowering your interest rate, changing the loan terms, accessing additional equity, and improving your financial situation.
Cash Out Reverse Mortgage
A Reverse Mortgage allows you to take cash out of your house and use the equity in your home for the things you want. You can receive your cash as a lump sum, fixed monthly payment, or line of credit.
Jumbo Reverse Mortgage
A Jumbo Reverse Mortgage is a reverse mortgage that allows homeowners to borrow more money than allowed with a traditional HECM reverse mortgage. This is because a Jumbo Reverse Mortgage is not limited by the same lending limits set by the Federal Housing Administration (FHA) for standard HECM loans. With a Jumbo Reverse Mortgage, you can access more of the equity in your high-value home.
Tempe Approved Reverse Mortgage Counseling Agencies
HUD Approved HECM Counseling Agencies
The following is the internet website address and telephone number provided by HUD for the purposes of acquiring HECM counseling:
- HUD Office of Housing Counseling Website: www.hud.gov/program_offices/housing/sfh/hcc
- HUD’s Interactive Voice System: (800) 569-4287
National Counseling Agencies
ClearPoint Financial Solutions
(800) 251-2227
https://www.clearpoint.org/
Money Management International
(877) 908-2227
https://www.moneymanagement.org/
Credit.org
(800) 947-3752
https://www.homeownership.org/
National Foundation for Credit Counseling
(866) 698-6322
https://www.nfcc.org/
Greenpath
(888) 860-4167
https://www.greenpath.com/
Navicore
(866) 855-7736
https://navicoresolutions.org/
Guidewell Financial Solutions
(800) 882-6171
https://www.guidewellfs.org/
NeighborWorks America
(202) 760-4000
https://www.neighborworks.org/
Housing Options Provided for the Elderly (HOPE)
(844) 432-6467
https://hopeforseniorsstl.org/
Arizona Counseling Agencies
Agency Name: ADMINISTRATION OF RESOURCES AND CHOICES (ARC)
Agency ID: 81052
Address: SUITE 101, 1625 N.ALVERNON WAY
TUCSON, AZ 85712-3369
Phone: (520) 623-9383
Website: https://www.arc-az.org/
Agency Name: ADMINISTRATION OF RESOURCES AND CHOICES (ARC)
Agency ID: 81809
Address: 5800 W GLENN DR STE 275
GLENDALE, AZ 85301-2499
Phone: (602) 374-2226
Website: https://www.arc-az.org/
Agency Name: CREDIT.ORG – PHOENIX
Agency ID: 90589
Address: 2 N CENTRAL AVE
PHOENIX, AZ 85004-2322
Phone: (855) 494-4718
Website: https://www.credit.org/
Agency Name: WESTERN ARIZONA COUNCIL OF GOVERNMENTS (WACOG)
Agency ID: 82429
Address: 1235 S REDONDO CENTER DR
YUMA, AZ 85365-2039
Phone: (928) 217-7195
Website: https://www.wacog.com/
Agency Name: WESTERN ARIZONA COUNCIL OF GOVERNMENTS (WACOG) – KINGMAN BRANCH OFFICE
Agency ID: 82430
Address: 208 NORTH 4TH ST.
KINGMAN, AZ 86401-5815
Phone: (928) 217-7195
Website: https://www.wacog.com/
Tempe Arizona Frequently Asked Questions
How does a Reverse Mortgage work in Tempe Arizona?
A reverse mortgage in Tempe, Arizona, works similarly to a reverse mortgage in other parts of the country. The basic principle is that it allows homeowners 62 years of age or older to borrow money against the equity in their home without having to make monthly payments. Instead, the loan becomes due when the borrower moves out of the house permanently, sells the home, or passes away.
To obtain a reverse mortgage in Tempe, Arizona, the borrower must meet with a reverse mortgage lender and go through a counseling session to ensure that a reverse mortgage is a suitable choice for them. The lender will also appraise the home to determine its value and the amount the borrower is eligible to borrow.
Do I make mortgage payments on my Reverse Mortgage in Tempe?
No, you do not have to make payments on your reverse mortgage. You are still obligated to pay your property taxes, homeowners insurance, general home maintenance and upkeep, and any HOA fees, if applicable. The benefit of a reverse mortgage is that you do not have to make a regular monthly mortgage payment.
What qualifies for a reverse mortgage in Tempe?
A reverse mortgage loan is only available to seniors who are age 62 or older. This type of loan has been designed to help provide a solution to allow seniors access to equity in their homes while still living there. To qualify for a reverse mortgage, you must:
How do I receive my money when I get a reverse mortgage?
With a Reverse Mortgage, borrowers have the flexibility to choose how they want to receive their loan proceeds. This can include receiving the funds in one lump sum, periodically accessing them through a line of credit, receiving regular monthly payments, or a combination of these options. Speak with a licensed Reverse Mortgage Lender to discuss your options.
About Tempe Arizona
Welcome to Tempe, Arizona! This vibrant city is home to over 200,000 people and is a great place to visit. Located in the heart of the Valley of the Sun, Tempe has been around since the late 1800s and has a rich history.
Tempe is a great place to explore, with plenty of activities to keep you busy. Whether you’re looking for a fun day at the park or a night out on the town, Tempe has something for everyone. The city is home to a variety of parks, including Tempe Town Lake and Kiwanis Park, as well as community centers like the Tempe Community Center and the Tempe History Museum.
If you’re looking for a great educational experience, Tempe is home to several universities, including Arizona State University and the University of Advancing Technology. There are also a variety of K-12 schools in the area, so you can be sure that your children will get a quality education.
No matter what brings you to Tempe, you’re sure
Things To Do In Tempe
Tempe, AZ Neighborhoods
Kiwanis Park, Tempe Gardens, Tempe Royal Palms, Alegre Community, Jen Tilly Terrace, Baseline-Hardy, Hughes Acres, Warner Estates, Tempe Royal Estates, Date Palm Manor, Tally Ho Farms North, Gililland, Superstition, Mitchell Park East, Knoell Gardens, Sandahl, Sunset, Raintree, Clark Park, McClintock Manor, University Park, Rural-Geneva, Kyrene-Superstition, Marilyn Anne, Mission Ridge, Dava-Lakeshore, Evergreen, Optimist Park SE, Escalante, Brentwood-Cavalier, Broadmor, Riverside, Bell De Mar Crossing, University Heights, Duskfire II, Pepperwood, Estate La Colina, Wood Park, Lindon Park, Daley Park, McClintock, Mitchell Park West, Sunburst Farms, Optimist Park SW, Optimist Park NW, Tally Ho Farms, Alameda-Campus, Maple-Ash, Cyprus Southwest, MACH 8, Optimist Park NE,TEMPE, AZ WEATHER !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src='https://weatherwidget.io/js/widget.min.js';fjs.parentNode.insertBefore(js,fjs);}}(document,'script','weatherwidget-io-js');
Top Sights in Tempe, AZ
Street Names in Tempe, AZ
Tempe, AZ Zip Codes
85202, 85218, 85280, 85281, 85282, 85283, 85284, 85285, 85287, 85288,Reverse Mortgage Regulations
HUD – The United States Department of Housing and Urban Development is one of the executive departments of the U.S. federal government. It administers federal housing and urban development laws. They state, “Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is a Home Equity Conversion Mortgage (HECM) which is only available through an FHA-approved lender. The HECM is FHA’s reverse mortgage program that lets you withdraw a portion of your home’s equity.”
Consumer Finance Protection Bureau – The Consumer Financial Protection Bureau is an agency of the United States government responsible for consumer protection in the financial sector. They state, “A reverse mortgage is a special type of home loan only for homeowners who are 62 and older. With a reverse mortgage, the amount the homeowner owes goes up–not down–over time.”
NMSL – The Nationwide Multi-State Licensing System and Registry is the record system for non-depository financial services licensing.
NRMLA – The National Reverse Mortgage Lenders Association (NRMLA) is a professional association that serves as an educational resource for the Reverse Mortgage community. The NRMLA was established in 1997 to promote professionalism and provide support and guidance to lenders and education borrowers. In addition, they prioritize educating consumers on the advantages and disadvantages of obtaining a reverse mortgage, ensuring borrowers make informed decisions. They also provide training for mortgage professionals, enforce a code of ethics, and advise policymakers on reverse mortgage issues.
Reverse Mortgage Lenders near Tempe
Call us for a free, no-obligation consultation about your Reverse Mortgage options. One of our licensed professionals will answer your questions without the hassle of a sales pitch. You’ll learn what programs you may qualify for and discover the best options that will suit your situation.
We are proud to serve the residents of Tempe. We have been in the mortgage lending business since 2002 and would be happy to provide additional testimonials and references to clients we have worked with. We look forward to serving you and welcome the opportunity to meet and discuss your individual needs.
Reverse Mortgage Resource Center – Tempe
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Our Lending Team has been serving our clients since 2004. We are passionate about serving our clients with integrity to help them achieve their financial goals.