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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2042 E Flintlock Drive Gilbert, AZ 85298

$550,000

4 Beds

2 Baths

1,952 SqFt

Status Active Under Contract

MLS # 6761102

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in the highly sought-after Adora Trails community! Step inside to an open-concept modern kitchen featuring upgraded lighting, staggered cabinets, a new sink, gas range, and stainless steel appliances—perfect for those who love to cook and entertain. The large and bright primary bedroom offers peaceful views of the serene backyard, where you'll find a built-in BBQ and lush green landscaping, an ideal space for hosting gatherings. Living in Adora Trails means enjoying an abundance of community amenities, including a pool, community center, basketball court, playgrounds, open fields, a lake, and scenic walking and biking paths. Located within an excellent school district, this home offers both comfort and convenience in a vibrant community.

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91 E Liberty Lane Gilbert, AZ 85296

$550,000

3 Beds

2.5 Baths

1,916 SqFt

Status Active Under Contract

MLS # 6766955

Property Type Single Family Residence

Price Type --

PAID OFF SOLAR - EXTREMELY LOW UTILITY BILL! Welcome to the beautiful community of Cobblestone. Built in 2018 this 3 bed, 2.5 bath single family house is turnkey and ready for you to call home. Downstairs enjoy a light and bright floor plan with tiled floors and upstairs make use of a spacious loft, perfect for a TV room or play room. Many upgrades throughout like plantation shutters, rain-soft house filtration system, reverse osmosis, custom cabinetry in the laundry room and garage. Enjoy the convenience of a low maintenance backyard and when summer hits, take advantage of the community pool. Centrally located in Gilbert and only 5-10 minutes from Downtown Gilbert, Downtown Chandler, San Tan Mall and the Gilbert Epicenter. 5 minutes from the 202 Freeway.

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1201 E Desert Park Lane Phoenix, AZ 85020

$550,000

3 Beds

2 Baths

1,730 SqFt

Status Active Under Contract

MLS # 6761522

Property Type Single Family Residence

Price Type --

Unique home in a neighborhood in ongoing revival. Possible business opportunity with this double corner lot. Well maintained home boasts a huge yard, tons of character with lot of possibilities for parking, adding on or building a totally new structure. Home has newer vinyl pane windows, stained concrete floors, porcelain tiles and tons of character as it is! Many homes on this street are total new builds, so move in as is, add on, or build a new home on this double lot. No HOA!

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1325 Tanglewood Road Prescott, AZ 86303

$550,000

4 Beds

3 Baths

2,139 SqFt

Status Active Under Contract

MLS # 6775016

Property Type Single Family Residence

Price Type --

Set amidst the Ponderosa Pines in the highly desirable Haisley Homestead neighborhood, this tastefully updated single-level home is the perfect Prescott retreat. Featuring two ensuite bedrooms, this home has been beautifully upgraded throughout. Enjoy new luxury vinyl plank flooring in the main living areas, and freshly carpeted bedrooms for added comfort. The countertops have been replaced with a stylish mix of Corian and quartz, paired with fresh two-tone paint, five new solar tubes, modern light fixtures, and kitchen upgrades. The HVAC system was replaced five years ago, and a new roof was installed within the last couple of years, ensuring peace of mind for the new owners. The potential for dual master suites makes this an ideal getaway for families looking to escape the valley heat. The home boasts a large driveway with extra parking, in addition to the two-car garage with built-in storage shelves. Haisley Homestead is located just a mile from Prescott's new Bean Peaks Mountain Bike Park at White Spar Campground, offering nearby access to hiking trails in the Prescott National Forest, including the picturesque Goldwater Lake trail. The backyard features a covered patio, perfect for transforming into your own private escape with additional landscaping. A single-level home with four bedrooms, a two-car garage, and all the amenities of southwest Prescott at this price point is a rare find. Plus, enjoy a reasonably priced HOA that includes access to a swimming pool, tennis, and pickleball courts. Located within 5 minutes of Prescott's downtown courthouse square, this wonderfully maintained home is ready for you to make it your own!

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4107 S 109th Avenue Tolleson, AZ 85353

$550,000

4 Beds

3 Baths

2,649 SqFt

Status Active Under Contract

MLS # 6767165

Property Type Single Family Residence

Price Type --

Must see large single story, Next Gen home! Versatile floor plan has four bedrooms and three bathrooms. Three car garage. Attached casita for varies uses, this home is only a year old, beautiful home inside and out with many modern amenities. This home is conveniently located near schools, stores, shopping, gas stations, restaurants, highways and much more. Open concept floor plan with oversized master suite and split bedrooms for individual privacy.

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2478 N Earle Drive Flagstaff, AZ 86004

$550,000

3 Beds

2.5 Baths

1,762 SqFt

Status Active Under Contract

MLS # 6772135

Property Type Townhouse

Price Type --

Welcome to this perfectly placed townhome in the peaceful, tree lined neighborhood of Elk Run. This property has been well manicured from the small details inside to the pristine landscaping outside. Enjoy updated kitchen and bathrooms with granite countertops. Fresh exterior paint - including the decks! NEW ROOF! New furnace in 2020. With the beautiful weather Flagstaff offers, you will be pleased with the TWO private decks. 3-bedrooms with a versatile loft, great for additional family room or office space. Open concept family room on main level. Snow removal covered by the HOA making winter time a breeze! Bear Paw, the pools, pickleball, tennis, and gym are all part of the country club amenities included in your very inexpensive annual HOA Dues. Nearby Trails and Oakmont restaurant.

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1290 E Bobcat Drive Munds Park, AZ 86017

$550,000

3 Beds

2 Baths

1,485 SqFt

Status Active Under Contract

MLS # 6770846

Property Type Single Family Residence

Price Type --

Nestled in the gorgeous Munds Park, this 3 bedroom 2 bath A-frame home has stunning wood vaulted and beamed ceilings. A loft that overlooks the great room with beautiful stone fireplace. Watch the weather and wildlife through the floor to ceiling windows from the coziness of your home. Primary bedroom and bathroom are upstairs creating a more private spot. The large deck is the perfect spot for an outdoor living space and great gatherings. With the trails, just minutes away, you'll want to bring all your outdoor toys. 2 storage sheds are perfect for store some of those toys. Don't miss out on this one, this is the home away from home you've been waiting on!

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9908 S 43rd Avenue Laveen, AZ 85339

$550,000

3 Beds

2 Baths

2,220 SqFt

Status Active Under Contract

MLS # 6774848

Property Type Single Family Residence

Price Type --

Wonderful 3-bedroom home + DEN w/eye-catching porch! The 3-car garage, extended driveway, & RV gate/parking provide plenty of parking space. A welcoming iron gate opens to the ample courtyard. Inside, you'll find fresh paint, surround sound speakers, a gas fireplace, tile flooring, & a luminous great room that merges all areas for easy entertainment. Gourmet kitchen has SS appliances, a walk-in pantry, granite counters, an island w/breakfast bar, & wood cabinets. Discover a main retreat featuring French doors to the backyard & a newly remodeled bathroom w/two vanities & a soaking tub. The sizable den w/own entry from the courtyard can be easily used as the 4th bedroom, office, yoga studio, etc. Out the back, you'll see an extended covered patio, refreshing pool, & firepit area. Must see!

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7005 E Russell Street Mesa, AZ 85207

$550,000

3 Beds

2 Baths

1,756 SqFt

Status Active Under Contract

MLS # 6774932

Property Type Single Family Residence

Price Type --

**Beautifully Upgraded Single-Level Home in Las Sendas!** Welcome to this freshly updated 3-bedroom, 2-bathroom home in the desirable Las Sendas community. Recent upgrades include new paint throughout, elegant laminate floors, and stylish light fixtures in every room. The kitchen features brand-new quartz countertops, a new microwave, and an island, making it perfect for casual dining and entertaining. It opens up to a cozy family room with a gas fireplace, ideal for relaxing evenings. The flexible front room can serve as an office, formal dining, or creative space. The master suite includes a walk-in closet, dual sinks, a soaking tub, and a walk-in shower. Two additional bedrooms share a full bath. Enjoy the convenience of an inside laundry room and a 2-car garage. Step outside to a newly landscaped private backyard, perfect for outdoor gatherings. Located close to the community's pools, spas, splash pad, tennis and pickleball courts, and the top-rated elementary school. Las Sendas offers a gated golf course lifestyle with parks, sport courts, and activities for all ages. Easy access to hiking, biking, shopping, and the 202 freeway makes this an ideal location!

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5559 E Gable Avenue Mesa, AZ 85206

$550,000

3 Beds

2 Baths

1,848 SqFt

Status Active Under Contract

MLS # 6771547

Property Type Single Family Residence

Price Type --

This beautiful, one-owner, Fulton home in Stonegate is waiting for you! You will fall in love with the amazing custom kitchen features a massive dual fuel GE Monogram stove, new Stainless refrigerator, stunning wood cabinetry, and stainless steel appliances, which overlooks the living room with a custom tiled gas fireplace, built-in cabinetry, and large windows offer a view of the electric heated pool with fountains. The spacious primary bedroom boasts custom wooden shutters and a vaulted ceiling. The primary bathroom welcomes you with heated tile floors, a custom tiled shower, and a freestanding soaking tub. The resort-like backyard features a gorgeous tile deck, citrus trees and heated pool. Come see all the incredible features of this must-see home!

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4591 E Sundance Avenue Gilbert, AZ 85297

$550,000

4 Beds

2.5 Baths

2,120 SqFt

Status Active Under Contract

MLS # 6772931

Property Type Single Family Residence

Price Type --

Are you looking for a home in Power Ranch on a larger lot with some open space behind it? This beautiful home backs to a community park and has a large backyard with mature trees, new artificial turf lawn and new patio pavers. Power Ranch has long been one of the most desirable communities in Gilbert because of the abundance of community features such as community center, parks, lakes, sport courts and more. New plush carpet was just installed upstairs in all bedrooms and hallway. Lots of recent updates such as stove, dishwasher and all new garage door opener. A living and dining room with vaulted ceiling welcomes you upon entry while the large family room, kitchen and sunny breakfast nook are in back. This one won't last long because of its PRIME location backing to a park.

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27219 S 171st Avenue Buckeye, AZ 85326

$550,000

3 Beds

2.5 Baths

1,590 SqFt

Status Active Under Contract

MLS # 6773768

Property Type Single Family Residence

Price Type --

This picturesque 5-acre ranch offers a serene, countryside escape with all the modern conveniences. The two-story home features 3 bedrooms and 2.5 bathrooms, perfectly designed for comfortable living. Inside, you'll be greeted by a beautifully custom-made kitchen, showcasing elegant quartz countertops, stainless steel appliances, and custom cabinets that provide ample storage. The tile floors throughout the home not only add to its stylish appeal but also make for easy maintenance. One of the highlights of this property is the stunning view from the second floor and the expansive back deck, where you can relax and soak in the beauty of your private acreage. The entire property is fenced, providing both privacy and security. For those who value utility and space, the prope property is equipped with two carport shedsa large 40x30 carport shed perfect for storage or work projects, and a smaller 20x30 carport shed that can serve a variety of uses. A private water well ensures self-sufficiency, while the powerful 400-amp electrical panel provides ample capacity to build an additional home, set up a workshop, or create an RV parking area. This ranch is the perfect blend of rural charm and modern functionality, offering endless possibilities for expansion or customization.

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