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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21816 E Saddle Court Queen Creek, AZ 85142

$629,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6708893

Property Type Single Family Residence

Price Type --

The single-story Cassandra plan showcases an open layout with a multi-sliding glass door in the great room, cozy breakfast nook, a large gourmet kitchen and a 2-car garage. The primary suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath, and the nearby study.

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21881 E Saddle Court Queen Creek, AZ 85142

$629,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6731553

Property Type Single Family Residence

Price Type --

The single-story Cassandra plan showcases an open layout with a great room with a multi-sliding glass door, a breakfast nook, a large gourmet kitchen and a 2-car garage. The primary suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath, and the nearby study.

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23997 N 172nd Avenue Surprise, AZ 85387

$629,995

3 Beds

2.5 Baths

2,734 SqFt

Status Active

MLS # 6732038

Property Type Single Family Residence

Price Type --

Welcome to Estates at Asante, a beautiful community with surrounding views to enjoy! This community offers single story homes with floor plans you will love, like our beautiful Julia plan! This home sits on an oversized, cul de sac, corner lot with mountain views. Once you walk inside the Julia, the extended entry leads to an expansive gourmet kitchen with an extended Quartz center island and 42'' cabinets; a large Butlers Pantry with a wetbar, breakfast nook and great room with a 15ft center meet slider, for indoor and outdoor entertaining. In addition, there is a formal dining room with adjacent covered courtyard off to the side of the home accessible by the center meet doors! This home is set up with 3 bedrooms, 2 and half bathrooms, 3 car garage with additional storage. Welcome to the home of your dreams!

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25388 N 76th Drive Peoria, AZ 85383

$629,990

4 Beds

3 Baths

2,150 SqFt

Status Active

MLS # 6704857

Property Type Single Family Residence

Price Type --

Brand new community in North Peoria! This stunning single story home offers 2,150 sq ft of functional living space. It features 4 bedrooms, 3 bathrooms, den, and a 3 car tandem garage. The open concept kitchen is perfect for entertaining and features a large Island, walk-in pantry and stainless steel appliances. It also offers our Coastal Design Palette which includes Fairview White Painted 42'' Cabinets, Crisp Stria Quartz kitchen countertops, Zelige Cielo 4x4 kitchen backsplash, and 6x36 wood looking plank tile in all the common areas. The great room offers a 4 panel center sliding glass door so you can step out into your covered patio to enjoy indoor/outdoor living in your backyard with friends and family. Great location close to dining, freeways, parks, and entertainment!

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22884 E Lords Way Queen Creek, AZ 85142

$629,990

4 Beds

3.5 Baths

3,111 SqFt

Status Active

MLS # 6726730

Property Type Single Family Residence

Price Type --

Step into this delightful quick move-in home, featuring our Daisy floorplan with 3111 sqft, boasting 4 bedrooms, a den, a loft, and 3.5 bathrooms. The Daisy floorplan offers a spacious kitchen with a large island, pantry, and expansive dining and great room areas, perfect for entertaining guests or enjoying quality family time. Embrace the elegance of our fine finishes, featuring 6 x 24 plank tile floors in the main living areas, plush carpeting in the bedrooms, stylish 42'''' gray shaker upper cabinets with sleek Black Bronze hardware, and stunning quartz kitchen countertops paired with a white 4 x 16 tile backsplash. The kitchen comes fully equipped with stainless steel appliances, including a gas range, microwave, dishwasher, refrigerator, and white washer and dryer. Additionally, the kitchen is pre-wired for pendant lighting, allowing for easy customization, and features a painted grade mission railing and soft water loop. This home is truly a gem, with 8' doors throughout, a 4-panel slider in the great room, and a mission stair railing adding to its allure. It's just waiting for your personal touch to make it complete. Don't let this opportunity pass you by! Begin your journey to owning your dream home at Madera!

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2434 W Rowel Road Phoenix, AZ 85085

$629,990

3 Beds

2.5 Baths

1,964 SqFt

Status Active

MLS # 6755330

Property Type Single Family Residence

Price Type --

Welcome to your NEW HOME at Aster in Union Park! This home offers 1,964 sq ft of living space with 3 bedrooms, 2.5 bathrooms, and a 2-car garage. The primary bedroom has dual walk-in closets and a private deck. The Design features are the Elevated A package of upgrades including 42'' flagstone cabinets, quartz countertop, custom backsplash, large island, stainless steel gas range and tile flooring. HOA includes Union Park Amenities, front yard landscaping & maintenance along with concierge trash pickup. Union Park residents will enjoy the abundance of amenities that include, resort styled pool and lounge areas, a 5800 sq ft clubhouse, pickleball courts, basketball courts, 11 parks, playgrounds and walking paths. Easy access to 3 freeways within 10 minutes and 25 minutes to Airport.

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11506 E Utah Avenue Mesa, AZ 85212

$629,990

4 Beds

3.5 Baths

2,615 SqFt

Status Active

MLS # 6728747

Property Type Single Family Residence

Price Type --

Welcome to the Garnet at Destination at Gateway in Mesa, Arizona. This stunning single-story home boasts 4 bedrooms, 3.5 bathrooms, and a den. With 10-foot ceilings and 8-foot doors, the space feels open and inviting. The gourmet kitchen features GE stainless steel appliances, a 36-inch gas cooktop, built-in wall oven and microwave, shaker cabinets with hardware, quartz countertops, and a tile backsplash. Enjoy 6x36'' wood-look tile in the main areas and upgraded carpet elsewhere. A 4-panel sliding glass door connects the great room to a covered patio. The primary bathroom includes a separate shower, soaking tub, dual sinks, and vanity. Bathrooms have upgraded vanity lighting with matte black faucets and fixtures.

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23043 E Lords Way Queen Creek, AZ 85142

$629,990

4 Beds

2.5 Baths

2,568 SqFt

Status Active

MLS # 6757137

Property Type Single Family Residence

Price Type --

Brand new phase!. Our beautiful Juniper plan is conveniently located to all that Queen Creek has to offer. Minutes from the brand new Costco, Schnepf Farms, Queen Creek Market Place and the Queen Creek Olive Mill. A public report is available on the Arizona Department of Real Estate website.

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7444 W Quail Track Drive Peoria, AZ 85383

Open House

$629,900

3 Beds

2.5 Baths

1,989 SqFt

Status Active

MLS # 6755375

Property Type Single Family Residence

Price Type --

Ahh the smell of new-October completion! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Amherst' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 8' doors, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Photos of similar spec home to show layout, options may vary**

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27476 N 125th Drive Peoria, AZ 85383

$629,900

2 Beds

2 Baths

1,885 SqFt

Status Active

MLS # 6765803

Property Type Single Family Residence

Price Type --

Gorgeous 2-bedroom, 2-bathroom home located in Trilogy at Vistancia, Peoria's premier 55+ community. Situated on a professionally desert-landscaped 14,205 sq ft corner lot, the home has been meticulously maintained and highly upgraded. Upon entry, you'll be welcomed into an open kitchen and great room featuring freshly painted cabinets, custom epoxy countertops, an oversized island, a pantry, a stainless-steel appliance package, and a wine fridge. The family and dining rooms showcase modern light fixtures, a fireplace, built-in surround sound, and large windows that provide plenty of natural light. The split floor plan includes an oversized den, perfect for a home office or man cave, and the primary suite, complete with a spacious walk-in closet, dual sinks, a walk-in tile shower... ...and a private toilet closet. Additional features and upgrades include a private patio with a water feature, interior laundry, a heated and cooled garage with LED lighting and custom storage shelves, a tankless water heater, and a 3-zone wireless Honeywell HVAC control system. Reach out for the full list of upgrades. This home has so much more to offerdon't miss your opportunity to own this gem! Get your private tour today and experience it for yourself.

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16111 E Kingstree Boulevard Unit 3 Fountain Hills, AZ 85268

$629,900

3 Beds

2 Baths

2,139 SqFt

Status Active

MLS # 6761289

Property Type Single Family Residence

Price Type --

Discover a rare fully-renovated gem in the heart of Fountain Hills! This stunning single-level, end-unit patio home is part of an exclusive enclave with only six units, offering a serene and private living experience. With breathtaking mountain views, this 3-bedroom, 2-bathroom property combines luxury with tranquility. Enter through a private courtyard into an expansive great room featuring a cozy fireplace, perfect for relaxing evenings. The formal dining room seamlessly flows to both the back and side patios through elegant sliding doors, ideal for indoor-outdoor living. The split floor plan provides privacy for the spacious master suite, which boasts a spa-like bath with a double-sink vanity, separate tub and shower, a large walk-in closet, and direct access to your private enclosed backyard oasis. Enjoy the community amenities, including a relaxing hot tub and pool, surrounded by the natural beauty of Fountain Hills. This vibrant community offers something for everyone, from the iconic Fountain and the winter concert series in the park to scenic walking trails, a farmers market, and dining options that will delight your family and guests. Experience the perfect blend of luxury and lifestyle in this meticulously remodeled home. Don't miss out on this rare opportunity!

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18228 N 60th Drive Glendale, AZ 85308

$629,900

4 Beds

3 Baths

2,362 SqFt

Status Active Under Contract

MLS # 6778436

Property Type Single Family Residence

Price Type --

***RARE FIND*** RV Garage with LIFT Plus a 3 Car Garage, Large Lot, Pool & NO HOA!!! Don't miss out on this fantastic tri-level home with excellent location at Sunset Vista! Showcasing great curb appeal, RV gate, and a no-fuss landscape. PLUS! A detached RV garage with a lift and split AC unit! The interior boasts vaulted ceilings, wood-look floors, carpet in the right places, and plantation shutters. Discover bright living and dining rooms. Continue into the impeccable kitchen to find track lighting, ample wood cabinets, tile backsplash, granite counters, SS appliances, and an island. The lovely breakfast room overlooks the spacious family room, outfitted with a wood burning fireplace, wet bar, and backyard access, promoting easy entertaining. The owner's suite has a lavish ensuite featuring high-end details, including a granite vanity, freestanding tub, and a walk-in shower with a double wall-mounted shower panel. Outside, the side yard hosts a workshop with epoxy floor. The backyard offers a cozy covered deck, multiple covered patios, fire pit, artificial lawn, a fenced pool with grotto/waterfall, and a hot tub under the pergola. This beauty has it all! Run, don't walk to see this gem!

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