Reverse mortgages are a way for homeowners 62 and older to convert the equity in their homes into cash. These loans create cash flow to pay financial obligations when the owner doesn’t want to sell the home. The amount of a reverse mortgage is based on the equity or the value of the home. Payments can be taken periodically or by way of a lump sum. No principal and interest payments are required on a reverse mortgage, and the homeowner doesn’t have to repay the loan until they sell the house, move out, or die. Requirements include payment of the property taxes and insurance and any association dues, and financial counseling to make sure borrowers understand the terms of the loan. If you need help determining if a reverse mortgage is right for you, reach me at 480 675-0112 or mark@simplysoldaz.com.

Marisa Howenstine