Arizona Reverse Mortgage Explained Here!
Arizona reverse mortgage is a great option for seniors with equity in their home. The equity in your home allows you to receive cash back. One can then use this cash to pay for everyday living expenses such as food, medicine, utilities, real estate taxes, home owners insurance, car insurance, and just about anything else.
As of today June 6, 2017, the Arizona reverse mortgage loan product is not available in Sun City Arizona if you live in a Del Webb Community. For some reason, HUD has an issue insuring any loan that has a capital preservation fee. This is a home owners association fee. Capital preservation is a fee they charge you to use the recreational center, bowling alley, and the shared golf courses. If you live outside the Del Webb Community then you are able to obtain an Arizona reverse mortgage. For example, Ventanna Lakes is not in the Del Webb Community but it does have the name Sun City AZ. This particular area is able to obtain a reverse mortage because their home owners association does not charge a capital preservation fee.
How Long Does It Take To Close On A Reverse Mortgage?
That all depends upon each client. If you can provide us with a list documents we require upfront and if your home doesn’t need any repairs, then we can close in 30 days. This includes from the time of the initial application. Reverse mortgages though tend to require that all repairs be done to the home. Typically, when the appraiser goes out to inspect your home that’s when repair items are noted. It’s a better idea to go through your home and have those leaky faucets fixed ahead of time. If you know you have an eave with a crack on it then fix it upfront. This will not only help you close your loan faster but also save you money by not paying the appraiser an additional fee to come back out to your home and take photos of the finished work.
HECM Counseling Fee: Currently at the time this article was wrote, the HECM counseling fee in the state of Arizona is $125. This fee is payable upfront to the counseling agency when you sign up. You need to sign up and take the class before a loan application can be taken.
Like any loan there are closing costs associated with a reverse mortgage. You will need to pay HUD an MIP fee which is the mortgage insurance preimum on the loan. You will also have to pay the lender a fee, an origination fee, and title fees to insure your title policy.
We make lending easy. We will send a senior loan officer out to your home to take the Arizona reverse mortgage application and to go over the loan program with you. If you don’t have access to a scanner or copy machine; no problem. Just let us know upfront and we will bring our scanner with us to make copies of your documentation.