Reverse mortgages are a great loan program for borrowers who own their home free and clear but do not have enough cash to live on for the rest of their lives. The program allows borrowers to tap into the equity in their home and receive cash back at closing or monthly checks in exchange for the equity in your home. Reverses are a good option for borrowers who do not always have enough money to cover their monthly expenses such as prescription drugs, food, clothing, utilities, or insurance premiums.
Furthermore, this loan product is available in every state to homeowners 62 years of age and older.
Eligible Property Types
Secondly, eligible property types include owner-occupied single-family homes, condominium units, and units in qualified planned unit developments. Properties held in trust and qualified leasehold properties are also eligible. Cooperative units, however, are not an eligible property type for Home Keeper (reverse mortgages).
Reverse Mortgage On A Purchase
Thirdly, did you know you can even do a reverse mortgage on a purchase? Yep! That’s correct. Currently, you need to put down 35% on a new purchase. However, since guidelines change frequently if you are looking to purchase a new home on a reverse mortgage, please give us a call. One can obtain a reverse mortgage on a purchase. However, it is too detailed to write down all the information in one short little blog.
Why Choose Us?
Arizona Wholesale Mortgage Inc makes lending easy by going to your home. One does not need to worry about sending and scanning documents to us. We can bring our scanner with us and scan your documents onsite. Our loan officers are available seven days a week to take your call.
We have been in business since 1998 & serve the state of Arizona and Pennsylvania. Experience does matter. For more information go to our home page at www.azwm.com. Click on contact us. A loan officer will be happy to call you back and go over our loan programs with you. Better yet, we can schedule an appointment and come to your home. We are all about convenience for our customers. You don’t drive anymore. No problem. Someone on our team can come to you.
“This material is not from HUD or FHA and this document was not approved by the Department of Government Agency.”
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