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Tempe Reverse Mortgage Information
Across Arizona, more people are turning 62 every day and entering into the "golden years" of their lives. The "college-town feel" community of Tempe, Arizona has transformed from a rural farming community to a busy activity-oriented one where seniors enjoy the active pace of life. Tempe is consistently ranked high in the "active adult" category in all of the major national publications.
Many seniors in Tempe have chosen to enjoy their golden years rather than worry about making their next mortgage payment -- they have started putting their mortgage to work for them by using a Tempe Reverse Mortgage.
Tempe Reverse Mortgage Counseling
Before making your decision about a reverse mortgage, FHA requires that you meet with an FHA reverse mortgage counselor who can answer every question you have about a reverse mortgage and whether it is right for your situation. If after meeting with the reverse mortgage counselor, you still feel like a reverse mortgage is right for you, then the process can continue.
If after meeting with the reverse mortgage counselor you feel like it is better to wait for a reverse mortgage, the process stops there.
During the reverse mortgage counseling process, the counselor discusses things such as FHA HECM program eligibility requirements and provisions for the mortgage becoming due and payable. After you are done with reverse mortgage counseling, you should be able to make an independent, informed decision of whether a reverse mortgage is right for you.
How Does a Tempe Reverse Mortgage Work?
When you take out a reverse mortgage, it is still a home loan, but instead of you paying the mortgage company, they pay you! Whether you choose a line of credit, monthly payments or a lump sum, you retain title and the ownership of your home.
As long as you live in your home and keep your taxes and insurance paid, you can never be forced out. The federal government also guarantees your reverse mortgage, which means that you don't ever have to make a payment, you can never owe more than your house is worth and your heirs can make the decision on whether to sell or move into the house.
Tempe Reverse Mortgage Qualifications
The qualifications for a Tempe reverse mortgage are as follows:
- Age 62 years of age or older
- Own your property
- Occupy your property as primary residence
- Single family home or 1-4 unit home with one unit occupied by the borrower
- HUD-approved condominiums
- Manufactured homes and leased land
- Participation in a consumer information session given by an approved HECM counselor
Work with local Tempe Reverse Mortgage Experts
We are local Tempe experts on the FHA Reverse Mortgage program and would be happy to help answer any reverse mortgage questions that you may have. Call us today!
Get Started Now!
