Reverse mortgage loans are a popular financing option for seniors in Cornville, Arizona, that allow homeowners to tap into their home’s equity.
How Does a Reverse Mortgage Loan Work?
A reverse mortgage loan allows homeowners who are 62 or older to access a portion of their home’s equity without having to sell their home, give up the title or make monthly mortgage payments. Instead, the borrower must pay property charges, like taxes, insurance and home maintenance. The loan is paid back when the borrower no longer occupies the home.
The amount that can be borrowed depends on several factors, including the borrower’s age, home value, interest rates and the type of reverse mortgage loan.
Borrowers have several options for receiving the funds, including a lump sum, monthly payments, a line of credit or a combination.
Our Reverse Mortgage Loans in Cornville, Arizona
Home Equity Conversion Mortgage (HECM)
HECMs are the most common type of reverse mortgage and are insured by the Federal Housing Administration (FHA). This provides a host of consumer protections, including a non-recourse feature that guarantees the sale of the home will cover the balance of the reverse mortgage loan, regardless of the home’s market value at the time of sale.
HECM for Purchase (H4P)
An H4P is a type of reverse mortgage specifically designed for seniors who want to purchase a new home. This can be a useful option for seniors who want to downsize, move closer to family or relocate to a more accessible home.
It can greatly increase homebuying power and enable many borrowers to move to a more expensive area than their current residence. Like a traditional HECM, the borrower does not have to make monthly mortgage payments. Instead, they only need to take care of property charges like taxes, insurance and upkeep.
Jumbo Reverse Mortgage Loan
This type of reverse mortgage is for high-value homes that exceed the loan limit of $1,089,300 set by the FHA for HECMs. The amount of cash available is based on the appraised value of the home, and borrowers typically have more flexibility in payment options.
Cornville, AZ Reverse Mortgage Loan Benefits
People get reverse mortgages for many reasons, including:
Reverse Mortgage Loan Eligibility in Cornville, Arizona
About Cornville, Arizona
Cornville is an unincorporated community in Arizona’s Verde Valley. Known for its scenic outdoor spaces, in particular the nearby Tuzigoot National Monument and Sedona’s red rock formations, Cornville has a relaxed pace of life and is ideal for nature lovers who want to experience Arizona’s unique natural beauty.
Cornville for Seniors
Cornville, Arizona, provides a peaceful and beautiful setting for seniors to enjoy their golden years. With a relaxed pace of living, numerous outdoor recreation areas, and an abundance of vineyards, Cornville is especially good for seniors and retirees who love nature.
Fun Facts About Cornville, Arizona
1. Cornville is situated along the banks of the scenic Verde River.
2. Cornville is home to several vineyards and wineries, including Page Springs Cellars, Oak Creek Vineyards & Winery and Javelina Leap Vineyard.
3. Cornville is home to a romantic attraction known as the “Tunnel of Love,” a tunnel-like passage formed by massive willow trees that have grown together over time.
4. Cornville was home to the Oak Creek School, a one-room schoolhouse built in the early 1900s which operated until the 1950s.
5. Cornville is conveniently located near the popular tourist destination of Sedona.
Interested in a Reverse Mortgage in Cornville, Arizona?
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*This advertisement does not constitute tax or financial advice. Please consult a tax and/or financial advisor regarding your specific situation.