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AZLoans.com has educated many consumers about the powerful benefits of reverse mortgages. Some Important questions: How do I know if I qualify? To be eligible, you must own and reside in your home and be a minimum of 62 years of age. Will the bank own my house? No. The borrower retains full home ownership and can sell the home at any time. |
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| How much money can I get? This depends on your age, the home's value, the amount of equity, and interest rates at the time of origination. Other factors include the reverse mortgage product and the particular payment option selected. |
Do I need a minimum income level or credit rating to quality? No. Qualification is based o your age, home value, location and the equity held in your primary residence not your income or credit. |
| Am I spending my children's inheritance? No. Your heirs are entitled to any appreciation the property accrues. Additionally, a reverse mortgage offers the freedom to assist your children financially today and avoid the potential of burdening them with your expenses. |
Are there any monthly payments? No. You're only responsible for paying your property taxes, insurance and maintaining your home. |
What will a reverse mortgage cost me? You may be able to obtain a reverse mortgage with minimal out-of-pocket costs. While closing costs vary based upon the type and size of the loan, you can structure your loan with these costs included in the loan amount. |
How do I receive the proceeds? The proceeds of your loan can be taken as a lump-sum payment, monthly income, a line of credit you can draw upon, or any combination of the three. |
