Can You Use a Reverse Mortgage to Buy Your Next Home? Yes, and Here’s How

Most people who have been on the market for a home are familiar with what the term ‘mortgage’ means, but many have not heard of a reverse mortgage and aren’t aware of how this product can benefit them. If you’re nearing retirement and are contemplating a new home or even relocation to another community, here are the details on a reverse mortgage and how this option may benefit you.

What Is A Reverse Mortgage?

While many homeowners may not have the net worth to be able to buy another home without selling their current one, a reverse mortgage enables the buyer to borrow money against the value of their home. Created in 2009 as the Home Equity Conversion Mortgage for Purchase (HECM), this type of mortgage can enable those older than 62 to relocate to a new house or move closer to their family without having to sacrifice the money they’ve saved or their fixed monthly income.

What Are The Requirements?

Beyond the minimum age requirement of 62 years of age, those who would like to utilize a reverse mortgage must either own the current property they are living in or have a high amount of equity in the property. They must be able to pay all of the costs associated with ownership of the home and the property they are purchasing must be able to pass the standards held by the Federal House Administration (FHA). In addition, applicants will have to go through a financial assessment to ensure they can make insurance and property tax payments.

The Benefits And Drawbacks Of Reverse Mortgages

A reverse mortgage can be a great benefit in that it enables those who are in their senior years to purchase a new home without having to utilize a portion of their fixed monthly income. However, because a reverse mortgage includes this benefit, it also comes in tandem with a higher loan balance and this higher balance means that interest will accrue more quickly. Dependent on this amount, this can actually diminish the equity in the home.

While the opportunity for a reverse mortgage has been around for a number of years, this alternative for purchasing a home has not been utilized by many homeowners since its inception in 2009. If you’re approaching your senior years and are considering the benefits of purchasing a new home, give me a call for more information – J.P. Cook – 602-320-4253.

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18029 W San Miguel Avenue Litchfield Park, AZ 85340

$1,200,000

3 Beds

3.5 Baths

3,915 SqFt

Status Active

MLS # 6784999

Property Type Single Family Residence

Price Type --

RUSSELL RANCH! Love the high 12ft ceiling throughout. Huge Formal Liv & din rms with Travertine flooring & plantation shutters thru-out. Open island chef's kitchen with tall 42in cabinets & tons of granite countertops space + walk-n pantry. Enjoy the family rm gas fireplace, wet bar area too! Master suite w dual master Elfa closets, walk-n tiled shower & jet tub! Sep. his & her toilets rms & dual vanities. Den has access to the pool & easily converted to 4th Br. Bedrooms 2-3 are good size w Private baths. Step outside to your resort style backyard, beach entry pool with water & fire pot features, raised travertine sundeck. Entertainers Ramada + gas plumbed BBQ & outdoor Fireplace kit. 16 ft Gate w extra concrete slab for the RV & toys! Extra power 120/30 plug in. Gated dog run area

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12000 N 144th Way Scottsdale, AZ 85259

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$1,200,000

4 Beds

4.5 Baths

3,287 SqFt

Status Active

MLS # 6788378

Property Type Single Family Residence

Price Type --

Located in a cul-de-sac, backs to the open desert, very short walk to a hiking trailhead. Enter thru a charming courtyard, the spacious & versatile floorplan includes 4 ensuite bedrooms, high ceilings & tall windows throughout. Upgrades include floor-to-ceiling office built-ins, Pella windows & doors, plantation shutters, stone flooring, 8' solid core doors, granite counters in bathrooms, and recently updated & upgraded cabinetry. Close to internationally renowned Basis School and Scottsdale Schools, Mayo Clinic, golf courses, hiking trails, top valley restaurants and spectacular natural scenery. This home is a must-see! Seller Carry at 5% would be considered.

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3308 N 190th Drive Litchfield Park, AZ 85340

$1,200,000

5 Beds

3.5 Baths

3,520 SqFt

Status Active

MLS # 6777544

Property Type Single Family Residence

Price Type --

Situated on a cul-de-sac in the gated Litchfield Farms community, this 5-bed, 3.5-bath home on over an acre blends luxury with versatility. The property includes an 1,800 sqft shop with a 450 sqft guest quarter featuring separate AC, heat, a sink & full bath. Two large bay doors are controlled with a smart garage door opener system & camera. Property includes a 40+ ft gated RV parking & additional RV parking with hookups. The interior features tile & wood flooring throughout. The master suite offers a jetted tub, stone-tiled shower, & dual walk-in closets. There is a theater room with surround sound, billiards room, sauna, owned 9.6 kW solar, & two balconies with mountain views! Lushly landscaped backyard with putting green, pool, jacuzzi, built-in BBQ, and fire pit—your paradise awaits!

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3348 E Eva Street Phoenix, AZ 85028

$1,200,000

4 Beds

2 Baths

2,597 SqFt

Status Active

MLS # 6767179

Property Type Single Family Residence

Price Type --

This lovely contemporary ranch style home facing the Preserve on quiet Eva St is just steps from Trail 100. NO HOA. The landscaped backyard features a spacious covered patio including covered decking over inground pool for comfortable outdoor living and entertaining. Enter through custom steel doors to travertine floors, formal living room with mountain views, dining room with abundant built-in cabinetry, kitchen with granite countertops opening to the family room; en-suite master bedroom with 2 walk-in closets with skylight; jetted tub, walk-in shower with 2 showerheads; double sinks; privacy half wall for commode; 3 additional bedrooms; one currentlyt an office with built-in cabinetry and desks; laundry room with abundant cabinetry; bar sink; solar panels (owned) keep costs low; built-in garage cabinets; electric garage door opener; soft water (owned); drink water filtering system; glass top electric range with double ovens; 2 water heaters (master bedroom has a separate water heater); circular drive-way with pavers; solar panels (owned); well maintained home with multiple upgrades. Wonderful neighborhood with easy access to services; Hwy 51; the Phoenix Mountain Preserve; 32nd St and Shea and not far from Tatum shopping areas.

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5121 E Windrose Drive Scottsdale, AZ 85254

$1,200,000

4 Beds

2 Baths

2,244 SqFt

Status Active

MLS # 6775668

Property Type Single Family Residence

Price Type --

Welcome home to this gorgeous remodel with a brand new pickleball court directly across the street from Sonrisa Park! The rose studded walkway is the first to welcome you to your beautiful new home. Through the front door, you are met with an open floor plan featuring a spacious dining room, home office overlooking the park, living room with a cozy honeycomb fireplace, and a beautiful modern kitchen. The kitchen boasts of waterfall quartz countertops, solid wood shaker cabinets and a large walk-in pantry with tons of extra storage. The primary bedroom overlooks a floral atrium, walk-in closet, custom slat barn door, and a beautiful bathroom with LED light accents. Outside the 8' accordion door, you will find a massive diving pool, mature citrus trees, and pickleball court. A MUST SEE!

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51008 W Pete Road Aguila, AZ 85320

$1,200,000

2 Beds

2 Baths

2,154 SqFt

Status Active

MLS # 6378759

Property Type Single Family Residence

Price Type --

This Remarkable Property features a completely renovated House, a 60' x 60' Hangar PLUS 60' x 80' Hangar in a gorgeous setting! House features custom Hickory Cabinetry & solid hand-carved Hickory doors throughout. Travertine Tile countertops, Tibouron Brunito Ceramic Tile, Custom Ironwork and many other luxurious amenities. State Land across the street ensures endless VIEWS of mountains & wildlife. The professionally landscaped property showcases over 200 Trees, Shrubs & Bushes! Taxi from your fully-heated & air-conditioned Hangars to the runway for flying 300+ days per yr. Community has a 3,906' paved, lighted runway, paved taxiways/streets & community center for great gatherings. Just imagine enjoying your special get-a-away or full-time residence!

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11619 N 12th Place Phoenix, AZ 85020

$1,200,000

5 Beds

3.5 Baths

3,917 SqFt

Status Active

MLS # 6641433

Property Type Single Family Residence

Price Type --

Welcome to this stunning, newly remodeled 3,917 sq foot residence, seamlessly blending modern luxury with timeless elegance. Step into an open-concept living space flooded with natural light, highlighting the meticulous craftsmanship throughout. The gourmet kitchen boasts state-of-the-art appliances, quartz countertops, and a spacious island, perfect for culinary enthusiasts. Relax in the expansive master suite featuring an inspired ensuite bathroom and custom walk-in closets. Four additional bedrooms offer comfort and versatility, while the remodeled bathrooms showcase designer finishes. The home's heart is a spacious family room, ideal for gatherings and entertainment. This residence is designed for indoor-outdoor living, with glass doors opening to a private Oasis.

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3130 S Weeping Willow Court Gold Canyon, AZ 85118

$1,200,000

3 Beds

3 Baths

2,418 SqFt

Status Active

MLS # 6665810

Property Type Single Family Residence

Price Type --

FORMER MODEL located in prestigious Superstition Mountain. 3 bedrooms and 3 baths. OPEN GREAT ROOM, DINING AREA, KITCHEN LAYOUT! NEWLY REMODELED! Gourmet kitchen with Viking appliances, quartz countertops, extended 11'' island, new solid wood cabinets. Two new high efficient AC's and furnaces. VIEW FEATURE SHEET IN THE DOCUMENT SECTION FOR A FULL LIST OF FEATURES AND UPGRADES. Multiple patios for relaxing, dining and entertaining! SE orientation offers abundant sunshine with beautiful sunrises and sunsets. Premium lot abuting a wash area and overlooking the 17th tee box of the Lost Gold course. 24 HOUR GUARD GATED COMMUNITY. Two Jack Nicklaus golf courses! Not a golfer? Enjoy pickle ball, bocce, tennis, hiking and many other amenities. Country Club living at its best. Club amenities under a separate agreement. 35 minutes to Sky Harbor and 20 minutes to Mesa Gateway airports. Buyer and buyer's agent to verify all pertinent information including square footage.

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3051 W Sousa Court Anthem, AZ 85086

$1,200,000

4 Beds

3.5 Baths

4,704 SqFt

Status Active

MLS # 6738775

Property Type Single Family Residence

Price Type --

Be prepared to be impressed! Located in the heart of Anthem, Arizona, this home exemplifies modern living at its finest. Step inside this beautiful home and be greeted by new carpet throughout, custom paint, shutters, and custom light fixtures. In the master suite you'll find a home office, rod iron divide, custom curtains, and custom closets from California closets. In the kitchen you'll notice custom granite and backsplash, double ovens, updated microwave, fridge, and stove, plus reverse osmosis. In the living room there is a custom built in entertainment center and custom fireplace mantel. Laundry room custom cabinets from California closets. Added theater room with soundproofing, blackout room, projector, and speaker. Surround sound through the house. Home is set up to be a smart home. There is a second home office plus additional bedroom/den and kids study/desk area. Home could be made into 6 bedrooms with the office and den. Formal dining, breakfast bar, and great room in the home. In the garage you'll find custom garage cabinets, tank-less water heater, and soft water system. On the exterior there are 3 air conditioners, one original, one 7 years old, and one 5 years old all in good working condition. Roof was replaced 7 years ago. Plus UV sun shades on windows. In the backyard turf has been added, outside kitchen and seating area with fireplace, 2 grills, place for 5 TV's, pool 10 ft deep and spa with slide and waterfall, plus added exterior gates. Courtyard and intercom system in the front plus home set up for a security system. Replaced/repaired windows in the entire house. Added more rock and repaired the drip system and landscape clean up. Replaced almost all ceiling fans. Replaced all door handles. Owners have been in the home for 22 years and took great care of it.

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10804 N 146th Avenue Surprise, AZ 85379

$1,200,000

6 Beds

3.5 Baths

5,167 SqFt

Status Active

MLS # 6756033

Property Type Single Family Residence

Price Type --

Welcome to the rapidly growing city of Surprise! This 5,167 sq ft home on a one-acre lot is perfect for a family and entertaining! It features a massive 6ft deep pool, jacuzzi, bar/grill area, and a private 18-hole golf course with 2 sand pits. Inside, the open kitchen has custom cabinets, stainless steel appliances, a built-in fridge, granite countertops, an island, and a butler's area for food preping. The massive owner's suite offers a sitting area, dual sinks, and a large walk-in closet. Upstairs, there are 5 more bedrooms, game and media rooms, and recessed lighting throughout. With a solar roof, security cameras, 10+ 30ft palm trees, a 4-car garage, and built-in storage, this home has it all!

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1540 E Sharon Drive Phoenix, AZ 85022

$1,200,000

4 Beds

3.5 Baths

3,900 SqFt

Status Active Under Contract

MLS # 6657328

Property Type Single Family Residence

Price Type --

Make yourself at home in Moon Valley's privately gated Views at Mountainside enclave! Enter this custom home through the enchanted courtyard with the peaceful sounds of the water feature as you enjoy the view from the front patio. When you open the door to this home, you will see and feel a bright and inviting atmosphere complete with elegant soaring ceilings, travertine flooring, dedicated formal dining and two spacious living rooms. The eat-in kitchen provides granite countertops, ample custom cabinetry, double ovens, and a cozy breakfast nook. Utilize the wet bar as you host effortlessly with two large back covered patios, a built in BBQ and a sparkling swimming pool wrapped with captivating views of the surrounding Lookout and Phoenix Mountain Preserve. The expansive primary suite has the perfect space for reading, working out or simply enjoying the mountain views. The primary bathroom has a large soaking tub, dual vanities and a large walk-in closet. Enjoy the perks of an extended 3-car garage with additional storage. This home has only had one owner and offers easy access to a wide variety of world renowned golf courses, hiking + biking trails, restaurants, Paradise Valley Mall and Mayo Clinic. This gem truly has it all!

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4072 E Zion Way Chandler, AZ 85249

$1,200,000

5 Beds

4.5 Baths

3,628 SqFt

Status Active

MLS # 6764001

Property Type Single Family Residence

Price Type --

Won BEST HOME ON TOUR! November 2024! Breaking news! The seller is offering $40k towards a pool (renderings in the photo section) with an accepted and executed full asking price contract. Stunning 5-Bedroom Home with In-Law Suite in Premier Chandler Neighborhood! A beautifully designed residence that offers space, luxury, and versatility, perfect for today's modern lifestyle. The heart of the home, the open-concept kitchen and living room offers a spacious, airy feel. The living room flows seamlessly, creating a welcoming space for family and friends. The 2nd primary bedroom is ideal for multi-generational living or extended guests, this suite includes its own private living room separate from the bedroom, offering comfort and privacy.

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