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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13307 W Crown Ridge Drive Sun City West, AZ 85375

$659,000

2 Beds

2.5 Baths

2,580 SqFt

Status Active

MLS # 6776517

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Sun City West! Perfectly situated on a golf course along the 18th tee, this property offers stunning mountain views and a wealth of desirable features. Enter into a meticulously maintained home, where recent upgrades include a new roof and owned solar system installed in 2020, fresh carpet in 2021, and new windows added in 2023 with updated window shades. The welcoming family room, complete with a cozy gas fireplace, also includes a wet bar, ideal for entertaining. With a second gas fireplace in the den and a fresh coat of paint throughout, this home has both comfort and style. Out front, you'll find easy-maintenance artificial grass added in 2023. Don't miss your opportunity—this home is priced to sell and ready to be enjoyed! Move-In-Ready!

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2624 N 68th Place Scottsdale, AZ 85257

$659,000

3 Beds

2 Baths

1,397 SqFt

Status Active

MLS # 6777287

Property Type Single Family Residence

Price Type --

Beautiful 3 bedroom, 2 Bathroom, single story, blocks from Old Town Scottsdale home. This home features recently upgraded plumbing and electric. Pool was just completely renovated with pebble-tec and is heated with brand new smart heater. A/C unit is less than a year old and under warranty as well. Huge driveway, basketball hoop, lush green jungle like back yard. Safe neighborhood. Perfect for primary or investment property.

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19832 N 95th Avenue Peoria, AZ 85382

$659,000

2 Beds

2 Baths

2,147 SqFt

Status Active

MLS # 6783077

Property Type Single Family Residence

Price Type --

Keeping with the latest trends in mind this completely remodeled home sits on a large corner lot on the Westbrook Village Golf Course. This stunning remodel features a spacious open floor plan with extensive use of tile, marble & stone. All new cabinets, fixtures, countertops, kitchen island, newer AC & more. Bedrooms are oversized, and there is also a multi-purpose room for your office or craft room. Community features include golf, pickleball, arts, social events & numerous clubs of your choice. Resort style living at a fraction of the cost.

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2260 W Megan Street Chandler, AZ 85224

$659,000

3 Beds

2 Baths

2,043 SqFt

Status Active Under Contract

MLS # 6787426

Property Type Single Family Residence

Price Type --

Highly upgraded Chandler home. Large living room and formal dining room. Travertine tile and wood floors. No carpet. New Roof 2023 with warranty. AC 2018. Kitchen with tall cabinets, lovely granite counters and granite slab backsplash. Double oven stove. Pantry. Shutters throughout home. Beautiful family room and kitchen at the back of the home is open to the large backyard with fruit trees and large covered patio. Huge primary bedroom with Gorgeous new granite slab shower and tub surround. Primary has large walk-in closet and exit to backyard. Patio with bench at fire pit. Lovely garden with many fruit trees. 3 car garage with 2 garage openers with smart remote. HWHeater 2020, Newer appliances. Original owners no pets. Great location!

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11268 E Poinsettia Drive Scottsdale, AZ 85259

$659,000

3 Beds

2 Baths

1,566 SqFt

Status Active

MLS # 6737850

Property Type Single Family Residence

Price Type --

AMAZING OPPORTUNITY! to own a fully remodeled home in a fantastic Scottsdale location! spacious living/dining room w/built-in shelves, vaulted ceilings, fireplace in the living area, & sliding doors to the back patio.Chef's kitchen offers white cabinets w/crown molding, stainless steel appliances, large granite counters, a pantry, upgraded, designer light fixtures, & large center island.Split primary suite has a walk-in closet & an upscale bathroom w/dual vanities & Large soaking tub. All tile floors throughout! Delightful backyard has a relaxing covered patio & Pergola. Newer roof! This one won't last!

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9415 W Wild Turkey Lane -- Strawberry, AZ 85544

$659,000

3 Beds

3 Baths

1,916 SqFt

Status Active

MLS # 6741864

Property Type Single Family Residence

Price Type --

Escape the heat & hustle of urban life at your mountain retreat tucked in the side of the Mogollon Rim among towering Pines on a lush 0.85-acre lot. This nearly 2,000 sq ft split-level home features a floor plan that makes sense for all. Main level has kitchen & dining room, comfortable living room, primary suite w/ensuite bath, fun loft area, & large guest bedroom. Lower level has another bedroom, bathroom, large family room set up as a game room, and access to the back yard & garage entrance. Take in stunning views of Strawberry Mountain from the expansive wrap-around deck & large picture windows throughout. The 2.5 car garage is equipped w/built-in workshop space. The fenced backyard allows a smaller border within the large property. No HOA. Enjoy easy access to... ... Fossil Creek trailhead & Hardscrabble road system for unlimited recreational activity, the charm of Strawberry & Pine, and approx. 45 minutes from Blue Ridge Reservoir for water enjoyment. All furnishings are available outside of escrow.

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2041 E Loma Vista Drive Tempe, AZ 85282

$659,000

3 Beds

2 Baths

1,886 SqFt

Status Active

MLS # 6776218

Property Type Single Family Residence

Price Type --

Gorgeous single-level home in highly desired south Tempe location! This 3 bed, 2 bath, open floor-plan home is perfect for your main residence or investment property. Updated electrical panel, 3-system irrigation system controlled by Wi-Fi, new 50-gallon water heater, new whole home water softener, new RO system for sink, new garage door and new pool door! Vaulted ceilings in the great room with wood shutters and carpet (2021) Refreshed fireplace in the formal dining area and tile flooring with a built-in buffet. New windows installed throughout the home in 2021 plus all new carpet and baseboards. Chef's kitchen with new painted cabinets, all stainless-steel appliances, kitchen island with eat-up bar seating. Master suite with ensuite bath that has dual sink vanities, bay windows, and two closets. Fully paid off solar panels! Two large guest bedrooms with wood laminate flooring. Oversized garage and workshop! The back yard has been designed for entertainment! A mixture of grass and desert landscaping with large plush trees providing you plenty of shade. Private, diving pool that is fenced in for safety with new pool light. Plenty of space for extra patio furniture. Extended covered patio with misting system. Side R/V Gate and cemented area to put your boat, R/V or other items. Just minutes away from ASU, Tempe Marketplace, Phoenix Sky Harbor Airport and the Freeway system make this home an easy to get to haven!

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3076 Summer Loop Forest Lakes, AZ 85931

$659,000

3 Beds

2.5 Baths

1,946 SqFt

Status Active

MLS # 6771049

Property Type Single Family Residence

Price Type --

Beautifully quaint and absolutely perfect cabin on a hilltop lot in Forest Lakes! Walk in to a spacious family room with soaring windows filling the room with soft natural light and wood burning stove/fireplace. The open floor plan opens to a cozy kitchen with eat in dining and separate oversized pantry/mudroom. Master suite is on the main level with a walk-in closet and on-suite bathroom. Upstairs features a landing overlooking the family room and 2 oversized bedrooms. Covered front and back patios make family gatherings or just enjoying the pines the perfect place to be. Easy drive up blacktop driveway w/ chip-seal coat. Several parking options and detached garage with laundry room. 1 acre lot features pine trees, aspen, apple and plum trees! Property sold fully furnished with all decor

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931 E Whiteley Street Apache Junction, AZ 85119

$659,000

2 Beds

2 Baths

1,455 SqFt

Status Active Under Contract

MLS # 6742679

Property Type Single Family Residence

Price Type --

21/2 ACRES OF NATURAL DESERT LAND WITH BEAUTIFUL HOUSE AND BRAND NEW 1800 SQ FT WORK SHOP WITH 5 TON A/C WITH ROOM FOR YOUR RV AND BOAT OR ANTIQUE CARS. OR ALL THE TOYS. HOUSE GOT A NEW A/C IN 2024 ALSO. CHERRY WOOD CABINETS, 6 PANEL SOLID WOOD DOORS ALL 36'' TO ACCOMODATE A WHEEL CHAIR IF NEEDED.. GRANITE COUNTER TOPS AND STAINLESS STEEL APPLIANCES MAKE FOR BEAUTIFUL KITCHEN. SPLIT FLOOR PLAN. VERY ENERGY EFFICIANT HOME WITH BLOCKS WITH FOAM INSULATION, DUAL PANE WINDOWS. VERY NEAT AND CLEAN MOVE IN READY HOME.

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20925 E Via Del Oro -- Queen Creek, AZ 85142

$659,000

4 Beds

3 Baths

2,402 SqFt

Status Active

MLS # 6744959

Property Type Single Family Residence

Price Type --

** PRICE REDUCED $10K ** Let's make this home yours! Everyone is loving the beautiful upgrades, entertainer's backyard, floor plan with separate downstairs guest quarters, and the killer location with walkability to golf, shops, restaurants, and parks. Relax in your spacious primary suite with soaking tub & dual walk-in closets, lay by the pool while your friends enjoy the putting green, or take a stroll through the fruit trees on your almost 1/4 acre lot. There's plenty of room to store your toys in the 3-car garage complete with overhead storage, water softener, and side entry door. And don't forget you also get access to the community center with community pool, golf course, gym, pickleball courts, etc! What more do you need? Let's go!

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1333 W Clear Spring Drive Gilbert, AZ 85233

Open House

$659,000

3 Beds

2 Baths

1,602 SqFt

Status Active

MLS # 6780189

Property Type Single Family Residence

Price Type --

This lovely, single-level, WATERFRONT home is ready for new owners! Equipped with tall ceilings, natural light and an amazing SPLIT, OPEN FLOOR PLAN you will love the lifestyle this home provides. Enjoy sunset cruises from your very own private pontoon boat with friends and family! Located in one of The Islands only gated communities, The Falls, where residents enjoy tranquil water features, lush greenery, and community pool, spa and BBQ. Islands homeowners have access to kayaking, fishing, amazing parks and playgrounds and community club house. HOA includes all your landscaping and they paint the exterior every 7 years. EV Charging Station.

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43603 N 44th Lane Anthem, AZ 85087

Open House

$659,000

4 Beds

3 Baths

3,324 SqFt

Status Active

MLS # 6778395

Property Type Single Family Residence

Price Type --

Beautiful 2 story home in popular Anthem community. This 4 bedroom/3 bath has a loft and a 2 story open family room. A large laundry room with a sink and counter space. A welcoming mud room with a bench to change your shoes. Master bedroom has a nice setting area with double sinks, shower, tub and private toilet area. Granite counter top in kitchen and stainless steel appliances. Ceiling fans in every room, but one. A room was added which is approx. 363 sq.ft.. This room is used as an office and it has a window and walk-in closet downstairs, but no vent. Covered front and back patio with landscaping. Large backyard to play and enjoy the outdoors.

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