Retirement savings not going as far as you’d hoped? Still looking for the silver lining in your golden years? With a reverse mortgage, you can look forward to a higher standard of living by cashing in on the investment which is your home equity. The best part? You get to stay in your home even after you convert a percentage of your equity into cash.
As described, a reverse mortgage is a loan which lets you borrow again your own home equity. Only seniors can qualify for reverse mortgages. You receive the money as a cash disbursement. You then have full freedom to spend that money or save it in any fashion you choose.
Repairs or improvements to a current home.
Down payment financing for a future home.
Paying monthly bills.
Building up an emergency fund.
Paying off medical bills.
Taking a vacation.
Pursuing a hobby or project.
Funding a startup.
Paying for education.
Enjoying some of life’s luxuries.
Raise your standard of living, paying for what you need or for what you want.
There is no need to move out of your home.
Reverse mortgage income is sometimes tax-free. Your tax advisor can tell you more.
There are multiple options for how you receive your reverse mortgage payments. You get to decide what will work best for your situation.
When applying for a reverse mortgage in Phoenix or elsewhere in the state of Arizona, you must meet these basic eligibility requirements:
You must be at least age 62, or another borrower on your mortgage must be. It is not necessary for everyone to meet the age requirement, just a single borrower.
You cannot be behind on your maintenance payments on your home. That means that your homeowners insurance payments must be current, you must not owe past-due property taxes, and homeowner’s association fees must not be overdue.
You must own the home you wish to get the reverse mortgage for.
The home needs to be your primary residence, not a second home, vacation home or investment property.
You need to possess a minimum of 50% equity in the home.
You also must have a sufficiently high credit score, and must meet additional requirements concerning your income and taxes.
It’s time to make retirement work for you. Ready to take full advantage of the investment you have made in your home? We would love to review your equity and finances with you and help you figure out if you qualify for a reverse mortgage. Please call us today at (480) 470-1080 to schedule your consultation.
Barrett Financial Group LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.