Reverse Mortgage in Phoenix, Arizona
This article tells you how you can obtain a reverse mortgage in Phoenix, Arizona. If you are 62 years of age and have equity in your home you might qualify for a reverse mortgage.
First off your current mortgage needs to be held for the past year. If you refinanced your loan prior to the past 12 months, then you need to wait until one year and one day before you can take a reverse mortgage loan application. Your age determines your loan amount. Unlike a traditional mortgage a reverse mortgage loan amount is determined by your age. The older you are the more you are able to borrower. One can obtain cash out to pay off an existing mortgage, pay your real estate taxes, home owners association fees, home owners insurance, medical bills, unexpected expenses, buy a new vehicle, etc. The list goes on and on. To qualify we still have to verify your income whether its social security, pensions, 401k, or interest income from your investment accounts. For pension income, we will need a copy of your life time benefit awards letter and for social security we need your social security awards letter for the current year.
Home Owners Association 12 Month Payment Report:
If you have a home owners association fee we have to contact your hoa company and ask for a 12 month hoa payment history report. The lenders wants to make sure you have paid all of your last 12 months hoa payments on time. Therefore, please obtain the name and phone number of your home owners association so we can call and get the 12 month hoa payment report for you.
What Is My Qualification Amount?
We understand that this whole reverse mortgage process can be confusing. Therefore, please call our office and talk directly to a license loan officer. We will then be happy to determine your loan amount or cash back amount.