Understanding the Reverse Mortgage and How to Use It to Tap into Home Equity

There are a variety of mortgage products out there that serve the needs of different homeowners, but it can be hard to know what will work best for you. If you happen to be close to retirement and are looking at options that may be more financially beneficial for you, here are the details on a reverse mortgage and how this product can work for you.

The Details On A Reverse Mortgage

The reverse mortgage was created in 2009 as the Home Equity Conversion Mortgage for Purchase (HECM) following the 2008 recession. While this type of mortgage is only available to homeowners who are 62 or older, it offers a way for people to tap into the equity of their home so that they are not required to pay monthly mortgage payments. There are limitations imposed on this product, but this can be useful, as long as all risks and terms of the mortgage are understood.

What’s Required To Apply?

In order to utilize this mortgage product, the homeowner must have paid off their property entirely or have a significant amount of equity in their current home. As people who want to use a reverse mortgage will have to go through a credit check, they will have to be able to prove that they have the ability to pay for all the fees associated with home ownership. This can include common expenses like insurance, property tax and any other applicable charges that come with a monthly mortgage payment.

How You Can Use It

A reverse mortgage can be confusing to understand.  It is intended for those who want to receive monthly payments, get a lump sum payment from their equity or even access a line of credit, or just as a means of tapping into additional funds.  This means that the overall loan balance of the mortgage will increase over time due to interest.  Also, insurance may not be paid consistently.  The reverse mortgage assumes that these expenses will be taken care of once the owner has passed away and the property can be sold or the loan balance is paid by heirs.

A reverse mortgage can be a beneficial product for homeowners nearing retirement, but it’s important to be aware of the associated costs and risks involved to determine if this product is beneficial for you.  For more information, give me a call – J.P. Cook – 602-320-4253.

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6202 E Mckellips Road Unit 65 Mesa, AZ 85215

$625,000

3 Beds

2 Baths

1,818 SqFt

Status Active

MLS # 6765063

Property Type Single Family Residence

Price Type --

Stunning turn-key detached home located directly on golf course! Very rare Floratina Model in the premier gated community of Tuscany Villas. Resort living at it's finest. Brand new a/c unit, bath cabinets, and pantry installed in 2023. Unit does not share walls with neighbor. Upgraded granite counter tops throughout. Open concept kitchen adjacent to family room w/island, maple cabinets, designer backsplash and stainless appliances. Sliding glass doors to covered back patio for entertaining, outdoor dining, cozy firepit, new artificial turf and relaxing lounge area. Adjacent to wash for side courtyard privacy. Large primary bedroom, ensuite bath and walk in closet. 2 car garage w/built in cabinetry and lots of newly added storage. Community heated pool and spa, workout room & clubhouse!

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1161 N Cole Drive Gilbert, AZ 85234

$625,000

4 Beds

2 Baths

2,074 SqFt

Status Active

MLS # 6758696

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom home in the highly desirable Carol Rae Ranch Community! With fantastic curb appeal, a NEW ROOF and NEW HVAC this home is sure to impress from the moment you arrive. Inside, you'll find a spacious, open layout featuring new wood-look tile flooring throughout, new plush carpet in all the right places, and new paint. The kitchen is a chef's delight with granite countertops and plenty of space for entertaining. Enjoy comfort for the entire family with a split floor plan and generous sized rooms. The outdoor space is a true retreat, featuring a lush green yard perfect for relaxing or hosting gatherings. Plus, with only one neighboring home on the side, you'll enjoy extra privacy! Located in a community with parks, walking trails, and more, this home is the perfect blend of comfort, convenience, and charm. Don't miss your chance to call this treasure your own!

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25621 W Patton Road Wittmann, AZ 85361

$625,000

3 Beds

2 Baths

1,613 SqFt

Status Active

MLS # 6760577

Property Type Single Family Residence

Price Type --

Welcome to 25621 W Patton Rd, a stunning property nestled in the serene landscape of Wittmann, AZ. This charming home offers a perfect blend of comfort and style, ideal for those seeking a peaceful retreat while remaining conveniently close to urban amenities. Featuring 3 bedrooms and 2 bathrooms, the spacious layout provides ample room for family and guests. The bright and airy kitchen is equipped with stainless steel appliances, granite countertops and opens into a cozy living area, perfect for entertaining. Step outside to discover a vast backyard complete with a covered patio, ideal for relaxing evenings under the stars or hosting weekend barbecues. Surrounded by stunning desert landscapes, you'll enjoy breathtaking sunsets and the tranquility of country living, all while being just minutes from downtown Surprise, 1.8 miles to 4D Arena, 20 minutes to Dunns, 25 minutes to Wickenburg, 10 minutes to Horns and Hooves in Morristown, 30-40 minutes to Buckeye. This property is more than just a house; it's a lifestyle. Whether you're looking to unwind in your private oasis or host friends and family, this home has everything you need and more. Don't miss your chance to own this desert gem and experience the charm of Wittmann living firsthand with a turnkey property ready for you! A beautiful horse property in the heart of the roping capital of the world. Great place for winter visitors, boarding, ropers and barrel racers. This property is location makes it a possible income potential. This 1.27 acre property features a riding area for barrel pattern, 4 15X15 stalls in mare motel, 3 rv hookups Covered back patio with plenty of room to add more stalls!

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6930 S Nash Way Chandler, AZ 85249

$625,000

4 Beds

2 Baths

2,147 SqFt

Status Active

MLS # 6761006

Property Type Single Family Residence

Price Type --

Come take a look at this inviting 4 Bedroom PLUS den, 2 bath home nestled on a spacious lot! Recently updated with new floors, this residence features a welcoming great room and a practical split floor plan, complemented by a convenient 3 car garage. Situated within walking distance to Hull Elementary School, parks, and green belts, it offers both convenience and community charm. The large master bedroom boasts a separate shower, garden tub, and a roomy walk-in closet, ensuring ample space and comfort. Outdoor enthusiasts will delight in the expansive outdoor living area, complete with a sparkling pool, inviting fire pit and a convenient BBQ setup, perfect for entertaining friends and family year-round.

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7609 E Indian Bend Road Unit 3005 Scottsdale, AZ 85250

$625,000

3 Beds

2 Baths

1,541 SqFt

Status Active

MLS # 6764433

Property Type Apartment

Price Type --

This stunning condominium is located on the third floor offering access using stairs or the elevator. It is a fully furnished residence that can sleep up to 6. This three bedroom two bath home is located within a gates community. The private balcony over looks the pool and you're steps away from the Scottsdale Silverado Golf Club. Walking distance to Railroad Park and the Canal takes you to Tempe Town Lake. Restaurants, shopping and entertainment are literally in your backyard. The perfect location for living your best life. Better yet this community does allow Short Term Rentals. So investors come one come all!!

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555 N Ocotillo Drive Wickenburg, AZ 85390

$625,000

3 Beds

2 Baths

1,879 SqFt

Status Active

MLS # 6764922

Property Type Single Family Residence

Price Type --

Nestled on 1.4 acres of scenic horse property in the heart of Wickenburg, this beautifully updated 3-bedroom, 2-bathroom home offers a perfect blend of modern comfort and rural tranquility. With breathtaking panoramic views surrounding the property, you'll experience peace and privacy while still being close to town. Inside you'll discover a thoughtfully remodeled interior, where the kitchen shines with its 2024 upgrades, featuring sleek countertops, updated cabinetry, and new appliances, making it a dream space for cooking and entertaining. Fresh, stylish flooring flows throughout, providing a clean, contemporary feel, while the newly updated AC system ensures comfort year-round. Outside, you'll find a comfortable oasis perfect for relaxation and entertaining. The heated pool... offers the ideal spot to cool off during warm Arizona days, while the included above-ground spa promises relaxation under the stars. Additionally, the property boasts an oversized, over-height garage/shop, perfect for projects, storage, or accommodating larger vehiclesan excellent bonus for any hobbyist! Designed with both comfort and practicality in mind, this Wickenburg retreat offers the perfect space to enjoy rural living with modern conveniences, making it a must-see for those seeking a peaceful escape in Wickenburg!

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9165 W Stageline Road Payson, AZ 85541

$625,000

3 Beds

2 Baths

1,272 SqFt

Status Active

MLS # 6768169

Property Type Single Family Residence

Price Type --

Welcome to your slice of country heaven, where wide-open spaces and peaceful living come together on 2.35 acres of pure bliss! This delightful 3-bedroom, 2-bathroom home spans 1,272 square feet, blending rustic charm with modern comforts. Enter a cozy living area warmed by a classic Earth Stove fireplace, perfect for chilly nights after a day spent outdoors. The kitchen, filled with natural light, offers plenty of cabinetry and counter space for your culinary creations, all while overlooking the beautiful landscape. Generously-sized bedrooms provide a retreat for relaxation, with the primary suite featuring its own private bath for added convenience. Every inch of this home is designed for comfort, practicality, and a timeless country feel—Large Barn is a MUST see!! ideal for those who love the equestrian lifestyle and the serenity of country living!

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6381 W Kristal Way Glendale, AZ 85308

$625,000

4 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6768457

Property Type Single Family Residence

Price Type --

Looking for a great property and great location? This is the one that you are looking for! This 4 bedroom, 2 bath single story ranch style home offers hardwood and tile flooring in all living space areas, carpeting in all the bedrooms for your comfort. Kitchen and baths have been remodeled and updated with white cabinetry and black quartz counter-tops and kitchen island. Large pantry in the kitchen to fit all of your kitchen gadgets and food storage is a wish fulfilled for every home cook. This home is handicap friendly as there are two walking showers and wider doors, the home was adjusted to be used as an Assisted Living. The location is in close proximity to Abrazo Arrowhead Campus, near Midwestern University, close to 101 FWY and Arrowhead Mall.

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810 W Allen Street Phoenix, AZ 85041

$625,000

4 Beds

2.5 Baths

2,885 SqFt

Status Active

MLS # 6768782

Property Type Single Family Residence

Price Type --

You'll fall in love with this immaculately maintained South Mtn area home. Embracing an open floor plan, the home boasts upgrades including 2 NEW HVAC units (5/24), walk-in closets for master and single bedroom, plantation shutters, granite countertops, etc. (see documents tab for full list). Convenient downstairs master suite enjoys a separate exit to putting green. The spacious Loft overlooking the family room accesses an oversized VIEW deck. Two of the three upstairs bedrooms have hard-surface LVP w/newer carpet in the third bedroom, all w/C-fans & plantation shutters. Many family memories will be made in your Backyard Oasis with a removable fence at your Pebbletec pool w/waterfall & baja shelf. You'll love the adjustable cover at the Pergola extended covered patio

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2120 N Whitetail Way Flagstaff, AZ 86004

$625,000

3 Beds

2 Baths

1,518 SqFt

Status Active

MLS # 6770003

Property Type Townhouse

Price Type --

Welcome to this rare 3 bedroom, 2 bath single level townhome in the beautiful pines in Continental Country Club. Enjoy the open floorplan, tongue and groove cathedral ceilings, stone, wood burning fireplace, covered deck in the trees and 2 car garage on a quiet, private cul-de-sac. Relax with your morning coffee or evening bevvies listening to the sounds of birds and the breeze in the pines. Bring the kids and grandkids to Bear Paw, only a minute away, for mini golf, swimming and more. Or, play golf and pickleball to your heart's content at Continental Country Club and enjoy family, friends and great food at the Oakmont. Single level, 2 car garage, quiet location, close to everything you want to enjoy - it checks all of your boxes! Furnishings available! (30 day minimun for rentals.)

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7774 E Mariposa Drive Scottsdale, AZ 85251

$625,000

2 Beds

2 Baths

1,440 SqFt

Status Active

MLS # 6772159

Property Type Single Family Residence

Price Type --

Retire in Style in the Prestigious Community of Villa Monterey. The largest 55+ Community located in the Heart of Scottsdale. Enter through your periwinkle front door to a large great room with huge sliding glass door to view the outdoor garden and enjoy those cool Arizona evenings. Recently smoothed ceilings throughout this light and bright 2 bedroom 2 bath home. The kitchen has custom cabinetry, leathered granite counter tops opening to the dining room with beautiful chandelier. The master bedroom with plenty of space to unwind features a HUGE closet and large bath with vanity and a marble walk-in shower! The second bathrom has a vibe of its own! Attention to detail!! RETREAT to your huge covered patio on a Premium Corner Lot with custom iron gates. Enjoy your mature landscaping and - grass patch with a stunning garden as if you almost have a mini botanical garden in your own backyard! New Anderson double pane tinted windows keep the house cool. The laundry room has built in cabinetry for tons of storage space with private access to your backyard patio. Do you want it all?? Here it is!

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19625 W Pinchot Drive Buckeye, AZ 85396

$625,000

4 Beds

2.5 Baths

2,656 SqFt

Status Active

MLS # 6771563

Property Type Single Family Residence

Price Type --

This stunning 3-year-old North/South facing residence features a designer kitchen with custom subway tile backsplash, 42-inch cabinets, Quartz countertops, and gourmet gas appliances. Enjoy the spacious ''Harry Potter'' pantry and a panoramic slider that opens to your backyard oasis with a sparkling play pool and gazebo, complemented by synthetic grass for low maintenance.The versatile 3-car tandem garage offers ample storage, while the upstairs boasts four oversized bedrooms and a spacious loft. Conveniently located near Costco, restaurants, Fry's Marketplace, freeways, and schools, this home combines luxury and accessibility. Plus, solar panels (loan-to-own) keep your energy costs low. Stop by and visit today!

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