Reverse Mortgage Tuscon, AZ- Rob Kanyur

Tuscon, Arizona Reverse Mortgage Loans

Rob Kanyur and the Kanyur team are your licensed reverse mortgage specialists in Tuscon, Arizona.

Reverse mortgage loans are a popular financial option for seniors in Tucson, Arizona. A reverse mortgage is a type of loan that allows homeowners to tap into their home equity to increase their cash flow.

How Does a Reverse Mortgage Loan in Tucson Work?

A reverse mortgage loan converts a portion of a home’s equity into cash. As the money is from loan proceeds, it’s tax-free.* For borrowers who still have a home mortgage balance, a reverse mortgage eliminates the balance and the need to make monthly mortgage payments. Instead, they simply have to take care of property charges like insurance, taxes and home maintenance costs. For people who own their homes outright, the potential loan proceeds are much greater.

Our Reverse Mortgage Loans in Tucson, Arizona

Home Equity Conversion Mortgage (HECM)

HECMs are the most common type of reverse mortgage loan and are insured by the Federal Housing Administration (FHA). A HECM allows homeowners who are 62 or older to convert a portion of their home’s equity into cash, which can be received in a lump sum, line of credit, monthly payments or a combination of these options.

HECM for Purchase (H4P)

An H4P loan allows borrowers to purchase a new primary residence with a reverse mortgage. As this greatly increases homebuying power, it can be useful for seniors who want to downsize, move closer to family or relocate to a more accessible home. Like the traditional HECM, the borrower does not have to make monthly mortgage payments on their new home. They must simply cover the property charges like taxes, insurance and upkeep.

Jumbo Reverse Mortgage Loan

This type of reverse mortgage loan is for high-value homes that exceed the $1,089,300 loan limit set by the FHA. The amount of cash available is based on the appraised value of the home, and borrowers typically have more flexibility in payment options.

Benefits of Getting a Reverse Mortgage Loan in Tucson, Arizona

People get reverse mortgages for many reasons, including:

Access To Cash

A reverse mortgage loan can provide an impressive amount of cash flow. The borrower can use it for any purpose, including paying off debt, modifying their home or having more fun in retirement.

Realize Home Equity Gains

Home values reached historic highs in recent years, but how can a homeowner reap the rewards without selling or refinancing their home? With a reverse mortgage loan, a borrower can benefit from their home’s appreciation while remaining the owner and resident.

Buffer Strategy and Portfolio Hedging

Reverse mortgage loan proceeds can be used as a buffer asset to hedge against market downturns. For example, if your investment portfolio experiences losses, you can use the funds from your reverse mortgage to cover your expenses until the market recovers.*

Own and Stay in the Home

Reverse mortgage borrowers remain the home’s owners, and no one can make them leave as long as they comply with the loan terms.

No Monthly Mortgage Payments

With a reverse mortgage loan, borrowers are not required to make monthly mortgage payments. Instead, they must pay property charges, like insurance, taxes and maintenance costs. The loan is a non-recourse loan, which means neither borrowers nor their heirs will owe more than the home is worth when it’s sold, even if the real estate market is much lower than when the loan originated.**

Flexible Payout Options

Borrowers have a great deal of flexibility in how they receive their funds. They can choose a line of credit with guaranteed growth, lump sum, monthly payments or a combination. Most importantly, the proceeds can be used for whatever purpose the borrower wishes.

Government-insured

HECMs are insured by the Federal Housing Administration (FHA), which offers additional consumer protections that you can rely on.

Long-term Care (LTC)

LTC can be expensive, and many people use some of their reverse mortgage loan proceeds to help fund it. For example, some borrowers will use a reverse mortgage loan to modify their home and pay for an in-home caregiver rather than moving to a nursing home or assisted living facility.

Here Are Considerations for Reverse Mortgage Eligibility in Tucson, Arizona

The borrower must be at least 62 years old.
The borrower must own the home and it must be their primary residence. Reverse mortgage loans are not available for vacation homes or investment properties.
The borrower must have significant home equity or own it outright.
The borrower must have the financial capacity to pay property taxes, homeowners insurance and other property charges.
The borrower must undergo counseling with a U.S Dept. of Housing and Urban Development (HUD)-approved counseling agency to ensure that they understand the terms and obligations of the loan.

About Tucson, Arizona

Tucson is the second largest city in Arizona and is surrounded by the Santa Catalina Mountains and the Tucson Mountains. Tucson boasts a rich cultural heritage influenced by Native American, Mexican, Spanish and American traditions. Its outdoor spaces, cultural offerings and the University of Arizona make Tuscon a vibrant city that has something for people of all ages.

How Is Tucson, Arizona, for Seniors and Retirees?

Tucson’s warm climate and numerous outdoor activities offer seniors plenty of options to stay active. With a diverse cultural scene, arts and entertainment opportunities, seniors of varying tastes can enjoy an engaged lifestyle year-round. Additionally, a robust healthcare system and senior-specific amenities make Tucson a great place for seniors and retirees to live.

Fun Facts About Tucson, Arizona

1. Tucson is surrounded by the Sonoran Desert, the only place in the world where the iconic saguaro cactus grows naturally.

2. In 2015, Tucson became the first city in the United States to be designated as a UNESCO City of Gastronomy, recognizing its rich culinary heritage and vibrant food culture.

3. Tucson’s El Presidio Historic District is home to some of the city’s oldest and most well-preserved buildings.

4. Located just north of Tucson, Biosphere 2 is a massive ecological research facility that once houses closed ecological experiments to simulate life on Earth and in space.

5. Tucson is home to Mount Lemmon, the southernmost ski area in the United States.

6. Tucson hosts the Tucson Gem, Mineral & Fossil Showcase, one of the largest gem and mineral shows in the world.

Interested in a Reverse Mortgage Loan in Tucson, 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.

**There are some circumstances that will cause the loan to mature and the balance to become due and payable. Borrower is still responsible for paying property taxes and insurance and maintaining the home. Credit subject to age, property and some limited debt qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.