Reverse Mortgages

Reverse Mortgage Loans Serving Phoenix, Scottsdale and All of Arizona

 

A reverse mortgage turns a portion of the equity in your home into tax-free cash.* The loan proceeds are considered a loan, not income. The most common reverse mortgage is the HECM (Home Equity Conversion Mortgage). These loans are federally insured, come with a variety of consumer protections, and offer payouts in multiple forms.

  • Payout Options
  • Line of Credit
  • Lump Sum Payment
  • Monthly Cash Flow Payments
  • Combination of All Previous Options

 

What Would Your Retirement Be Like with Tax-Free Cash Flow?*

With a reverse mortgage loan, you can have the ability to live where and how you want to live. The possibilities are endless, but these are some of the things that many people do with their payouts.

  • Buy the home you want
  • Make strategic investments
  • Enjoy a better retirement
  • Extend retirement savings

 

The Reverse Mortgage Process

Step 1: Research 
Do your research and work with
a company experienced in reverse mortgages.
Step 6: Choose your payout option 
you and your Reverse Mortgage Planner will
need to determine how you would like your
loan proceeds dispersed
Step 2: Education 
Every person that applies for a Reverse Mortgage
must receive independent third-party counseling
from a HUD-approved counselor.
Step 7: Make it official 
An appointment time and date will then be
set up for you to meet with the title company
and sign your closing docs.

Step 3: Apply 
The next step in the process is signing your Reverse Mortgage application and providing your Reverse
Mortgage Planner with the supporting documents.
Step 8: Receive your payment!
Three business days after closing your
loan will fund based on the payment
plan you selected.

Step 4: Appraisal 
At this time, we will order an appraisal, title report, tax history and flood certification.
Step 9: Going forward, take care of the basics
Your Reverse Mortgage will not have any
required monthly payments, you must still
pay taxes and insurance and maintain the home.

Step 5: Underwriting
Once processing receives all the required
documentation on your file, it will be sent to an underwriter, who will issue a loan decision.
Step 10: Settling the loan
The Reverse Mortgage will only become due
for the following reasons: the home is no longer your primary residence, the home has sold, or the borrower passes away.

 

Reverse Mortgage FAQs

Does the reverse mortgage lender own your home?

You remain the owner of your property. There is no change to the deed or title of your home when completing a reverse mortgage.


Will my heirs receive more or less after you pass away than they would without a reverse mortgage? 

It depends on what you do with your overall finances. Some families will receive more by being more efficient with the use of their portfolio of assets; however again, because this is not financial advice, it is very important that you consult with your financial advisor to make the best use of a reverse mortgage for your specific situation.


What if I go into a nursing home? 

As long as you are simply rehabilitating and getting better, your home and reverse mortgage are still yours until two doctors agree it is impossible for you to ever return to your home.

 

When does the reverse mortgage have to be paid back? 

Your reverse mortgage will become due when one of these things happen:

  • You sell your home.
  • You permanently move out of your home.
  • The last person on the title passes away. 

Your heirs will have two options. They can choose to sell the property, pay off the reverse mortgage balance and keep any remaining equity, or they can choose to keep the property by refinancing the balance of your reverse mortgage with a new mortgage in their name. Remember if the loan balance ever exceeds the home value, it does NOT trigger an early payoff or cause you to have to move out of your home.


Want to Learn More About Reverse Mortgages in Arizona? 

Contact the Kanyur Team today and somebody will be in touch with you about a reverse mortgage loan.