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.

Click Here to See What Your Home is Worth

Listing types.

For Sale

For Rent

Land

Multifamily

Commercial

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

Location Search Nearby

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

School District

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

View As: Thumbnails List

Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

16093 S 178th Avenue Goodyear, AZ 85338

$599,000

3 Beds

2 Baths

2,139 SqFt

Status Active

MLS # 6771238

Property Type Single Family Residence

Price Type --

You'll LOVE this beautiful 3-bed, 2-bath home with POOL in the desirable CantaMia! Its charm starts with a low-care landscape & a 2-car garage w/paver driveway. Fabulous interior features tons of natural light, neutral paint, chic light fixtures, and tile flooring t/out for easy maintenance. Discover the welcoming living room, formal dining room, and the inviting family room that opens to the kitchen! SS appliances w/cooktop gas, a pantry, white shaker cabinetry, quartz counters, & a huge island make up the culinary space. Multi-sliding doors merge the inside/outside activities! Main bedroom has outdoor access and an ensuite with two vanities & a walk-in closet. Enjoy the entertainer's backyard with a paver-covered patio, artificial turf, & a sparkling pool w/travertine decking! Just WOW! * AC in garage & Seamless Gutters for future courtyard! ****HUGE $$$ SAVINGS - SOLAR OWNED system!!!! *GATED community with amenities Galore! Check out pictures of the CANTAMIA all inclusive clubhouse with indoor /outdoor heated pools, spa's, bocce ball, Pickleball, billiards Room, workout facility, concierge at your fingertips, clubs, groups, social clubs, exclusive dinning and sports lounge. Cantamia is a 55+ active adult community with MTN Views!

View Property

26052 N Bravo Lane Rio Verde, AZ 85263

$599,000

3 Beds

2 Baths

1,586 SqFt

Status Active

MLS # 6772260

Property Type Single Family Residence

Price Type --

View Property

10921 W Hidalgo Avenue Tolleson, AZ 85353

$599,000

4 Beds

2 Baths

2,632 SqFt

Status Active

MLS # 6772790

Property Type Single Family Residence

Price Type --

22,341 SQFT LOT SIZE!!! Charming Doll house w/ Lush green front & back yards featuring stunning mountain views! OVER a 1/2 acre! is separated by a fence/ gate to the LARGE irrigated back yard! No HOA, irrigated Lot! w/ Grandfather rights. Bring your pets, horses and other animals, and your toys! You'll have plenty of room for them all. This stunning home is located on a quiet and private road giving you all the privacy you could ask for. kitchen offers an island w/ breakfast bar, granite countertops & backsplash, cabinets w/ storage space with a downstairs Basement

View Property

2020 S Sabrina -- Mesa, AZ 85209

$599,000

3 Beds

2 Baths

2,161 SqFt

Status Active

MLS # 6779287

Property Type Single Family Residence

Price Type --

Welcome to your dream home in The Villages at Eastridge, in Mesa, Arizona, w/ greenbelts, parks, & access to shopping/dining. Recently updated single-level residence offers 3 bedrooms & spacious bonus room w/ glass paneled barn door that can easily adapt to your lifestyle—currently set up as an office, it could also serve as a home gym, theater room, or be converted into a 4th bedroom. Discover modern updates throughout, including stylish flooring & 5'' baseboards. The kitchen is a standout w/ oversized butcher block island, quartz counters, under-cabinet lighting, beverage center/wine fridge & contemporary neutral hexagon tile backsplash. Generously sized primary suite, w/ sitting area, & separate door to the backyard covered patio. Large oversized lot ready for your backyard design! The property sits on a large oversized lot, providing a blank canvas for your dream backyard - imagine the possibilities! Whether you envision a sparkling pool, a relaxing spa, or even a mini golf course, this outdoor space is perfect for entertaining year-round. The RV gate and a spacious 3-car garage with ceiling storage racks and built in cabinets, provide plenty of room for parking and recreational toys. Don't miss the opportunity to make this home yours!

View Property

2180 S Winchester Road Apache Junction, AZ 85119

$599,000

3 Beds

2 Baths

1,962 SqFt

Status Active

MLS # 6776558

Property Type Manufactured Home

Price Type --

One-of-a-kind 1.25-acre property with detached 70x26' 6+ car garage w/ 4 automatic garage doors. Plus, 31x40' covered 2 RV parking structure w/ 14' clearance & RV hookups, and additional 46x29' 4+ car covered parking area. Owned 14.22kW Solar system. The entire property is fenced by block and currently divided to have a large front and back yard, and the 1.25-acre lot leaves plenty of space for a horse set-up. Commercial-grade electronic gate separates the front and back detached garage, RV, and parking/utility areas. The home has 3 beds, 2 baths, and 1960 sqft. The interior features vaulted ceilings, new dual-pane windows, excellent mountain views, a remodeled Kitchen with high-end cabinetry, soft close pull-out drawers, large pantry cabinets, and a vast island.

View Property

18387 W Brookwood Drive Goodyear, AZ 85338

$599,000

5 Beds

3 Baths

2,770 SqFt

Status Active

MLS # 6776393

Property Type Single Family Residence

Price Type --

Discover your private sanctuary in this nearly new 5-bedroom, 3-bath, 2,770 sq. ft. luxury home. Lightly lived in—just 6 months over the past 3 years—this home promises both exclusivity and tranquility with stunning mountain views and a peaceful setting away from the city's hustle. Experience the epitome of modern elegance in the gourmet kitchen, featuring granite countertops, sleek stainless steel appliances, and a spacious walk-in pantry. Every detail speaks of refined comfort, from the expansive living spaces to the serene bedrooms designed for ultimate relaxation. Picture yourself unwinding with breathtaking sunsets in this immaculate retreat where sophistication meets nature's beauty. Welcome to a lifestyle of serene luxury—welcome home!

View Property

1315 E Gemini Drive Tempe, AZ 85283

$599,000

3 Beds

2 Baths

1,924 SqFt

Status Active

MLS # 6778194

Property Type Single Family Residence

Price Type --

Charming updated block home with a pool, no HOA and RV gate. Bright and open remodeled kitchen with white shaker cabinets, quartz countertops, breakfast bar, stainless steel appliances including a fridge. Luxury vinyl flooring throughout including the bedrooms. Real fireplace in the living room. The roof was replaced 3 years. HVAC replaced in 2018. Primary suite bathroom remodel with walk in shower, white vanity and quartz countertops. Entertainers backyard. Covered patio, Pebble Tec diving pool, pavers and a pergola for shade. RV Gate. Located in a desirable Tempe neighborhood with no HOA, this home is within walking distance to all three schools and conveniently close to freeways, shopping, and dining. North/South exposure

View Property

1712 E Chelsea Lane Gilbert, AZ 85295

$599,000

3 Beds

2.5 Baths

2,166 SqFt

Status Active

MLS # 6781270

Property Type Townhouse

Price Type --

Welcome to a highly upgraded, detached 3 story townhouse-style home located at a beautiful, gated community Lakes at Annecy in Gilbert! This Maracay Home was built with Modern custom statement walls on each level and upgraded fixtures throughout the entire home along with an attached 2 car garage. Enter the lower level where you will find a large living space you can set up as a guest meeting area, home office or even a gym. Follow the custom oak open rail staircase up to your bright, open concept living space with an amazing gourmet kitchen. All bedrooms are on the third level, you will always have a quiet and calm environment when you rest. It is the seller's secondary home and has barely been used for less than 6 months. The entire house has top-tier builder upgrades over $65k, real hardwood flooring, Arabescato Como Quartz countertop, GE Gourmet Appliance etc., everything is like new. Perfect location, walking distance to shopping and school, less than 5 mins get on highway, top school district. If you are looking for a luxury, modern and easy-care home, this is a must see!

View Property

5423 W Range Mule Drive Phoenix, AZ 85083

$599,000

3 Beds

2.5 Baths

2,175 SqFt

Status Active

MLS # 6781710

Property Type Single Family Residence

Price Type --

Rarely do you find a true premium view lot with mountain views in Stetson Valley. This 3-bedroom, 2.5-bath home features an open study/den/living room, with the master bedroom conveniently located on the main level. Enjoy a beautifully designed kitchen with 42'' cabinets, granite countertops, a large breakfast bar/island, and stainless steel appliances. Open floor plan, with custom stair railings, a built-in credenza on the upper landing, along with 12'' accent windows that fill the home with natural light. The curb appeal is fantastic, with lush mature landscaping, a sparkling pool, synthetic lawn, extended cool decking, multiple seating areas, with a true view fence overlooking the meticulously maintained greenbelt. Within walking distance of two trailheads for walking and biking.

View Property

6321 S Teresa Drive Chandler, AZ 85249

$599,000

4 Beds

3 Baths

1,813 SqFt

Status Active

MLS # 6784569

Property Type Single Family Residence

Price Type --

This lovely 4-bedroom home features 1 bedroom & full bath downstairs + loft upstairs, new roof w/warranty 2019, newer AC, remodeled pool & pump 2024, therapeutic jacuzzi w/bluetooth, water heater 2022, brand new smart appliances (never used 2024 w/ThinQ Tech), new carpet 2024, new interior & exterior paint, new turf, new bathroom fixtures, hardware & blinds T/O & epoxied garage w/radiant barrier. This home has it all! Discover an inviting living room w/tons of natural light. The spotless kitchen comes w/tile counters, white cabinetry & breakfast bar. Upstairs, you'll find a large loft w/closet, ideal for a workspace or playroom. The cozy primary bedroom offers an ensuite w/double sinks & a huge walk-in closet. Enjoy your backyard oasis w/new covered patio, pool & spa. Don't miss this gem!

View Property

27248 W Mohawk Lane Buckeye, AZ 85396

$599,000

2 Beds

2 Baths

1,612 SqFt

Status Active

MLS # 6785443

Property Type Single Family Residence

Price Type --

Popular Gala model on a premium oversized golf course lot overlooking tee boxes. Enjoy outdoor living on the covered patio that runs the full length of the house ($80k in upgrades). This home is move-in ready with NEW interior/exterior paint, tile floors in all but MBed closet, NEW Silestone quartz counters in kitchen/guest bath (2022), NEW kitchen sink and pop-up outlets/phone chargers for convenience (2022), newer HVAC w/ 10 year warranty, NEW gas oven (2024), NEW Washer (2024), Sola tubes, great room & patio wired for sound, tankless hot water system, water softener in garage & R/O at kitchen sink, security screen door, garage racks/sink/shelving, gas bib for BBQ, gas line to dryer, AND an owned Solar system for savings! Too many things to list here. Come see it in person.

View Property

3473 E Bruce Avenue Gilbert, AZ 85234

$599,000

4 Beds

3 Baths

2,127 SqFt

Status Active

MLS # 6786513

Property Type Single Family Residence

Price Type --

This beautiful home in the sought-after Gilbert community of Higley Groves, it offers a perfect blend of comfort and location. Set along a scenic, tree-lined street, it enjoys the added benefit of being across from the local school, making it an ideal choice for families. This home boasts several recent upgrades, including fresh interior paint throughout, new flooring in all bedrooms, and a brand-new master bathroom shower for a modern, luxurious feel. The kitchen features all-new appliances, providing a sleek and functional cooking space. Additionally, the AC unit is only two years old, ensuring efficient cooling for years to come.

View Property