Arizona Cashout Reverse Mortgage Explained Here!
An Arizona cashout reverse mortgage is an excellent option for borrowers who are 62 years of age, have equity in their home, and could use a little extra cash to help pay their monthly bills and living expenses.
What areas qualify in Arizona?
Currently, the only areas that do not qualify are communities where the home owners association is run by Del Webb. Del Webb is seen mostly in the Sun City area. However, not all of Sun City is managed by the Del Webb home owners association. For example, properties located near Union Hills and 114th Ave have Sun City Arizona as their address. However, they area actually under the Ventana Lakes home owners association. Therefore, these residence do qualify for a reverse mortgage.
What loan documenation is required?
If you have social security, we will need a copy of your social security awards letter. If you have pension, we will need a copy of your pension awards letter stating your benefits will continue for at least the next three yers. We will also need a 24 month statement from your home owners association that shows when and how much you paid for your home owners association dues.
If you have a mortgage on your home, we will need a copy of your mortgage statement. If the home is owned free and clear, we will need you to write up a letter stating, “I have owned my home free and clear for x number of years.” We will also need a copy of your driver’s license, social security card, and a copy of your home owners declaration page.
How will I know which loan program is right for me?
When one of our loan officers comes out to your home, they will give you a proposal. This proposal will have several different loan programs listed. At that point in time, you and the loan officer will go through each scenario to determine which loan program is a better suit for you.
How long does it take to close on a reverse mortgage?
Typically it takes 30 days from start to finish. However, it can take longer if we are not provided with the proper loan documentation upfront.
For more information, call our office directly at 602-358-8717.