Reverse mortgage AZ allows elderly access to financing so long as the property has substantial equity. The Federal Housing Administration created the Home Equity Conversion Mortgage, which is available through major lending institutions. Unlike the conventional home loan where the borrower makes monthly repayments to the lender, the lender makes the payments to the borrower. The reverse mortgage borrower has total control on how the funds are used, or whether to repay the amount in full or partial. How can an experienced mortgage company like Sun American help you with the Reverse mortgage AZ? Keep reading to find out!
1. Enjoy the Lowest Reverse Mortgage Fee
Similar to other mortgage options, the reverse mortgage Arizona attracts several closing costs. The closing costs may vary by the mortgage lender you choose and the area in which the reverse mortgage borrower resides. Thus, it is the responsibility of the borrower to research and negotiate for a lower closing cost. This can be a painstaking process, as the borrowers often have limited industry knowledge. Thus, you need the assistance of a qualified reverse mortgage broker to understand the lending landscape. Experts at Sun American mortgage company assist the reverse mortgage applicants through negotiating for a lower reverse mortgage fee. This allows the borrower to save on the overall cost of borrowing through the reverse mortgage. The interest rates and other smaller fees like origination costs, and the appraisal costs can have a huge impact on the overall cost of the reverse mortgage. Talk to experienced reverse mortgage brokers in AZ for assistance with mortgage costs negotiation.
2. Enjoy Faster Processing
Another significant advantage of hiring experienced reverse mortgage experts at Sun American is guaranteed faster reverse mortgage processing. This saves the applicant a great deal of time in the long run. Consider that the process of applying for reverse mortgage AZ can seem complicated, especially for newbies. This is especially when trying to ask for the best quotes on reverse mortgages. Since the applicant has limited industry experience, they need proper assistance to go through the application process successfully. Naturally, this ensures faster mortgage processing as the broker does everything on behalf of the applicants.
3. Evaluate Variety of Mortgage Lenders
Another advantage of hiring an experienced mortgage broker is the opportunity to evaluate rates from different mortgage lenders. Ideally, mortgage brokers work with different reverse mortgage lenders. This includes both small and large mortgage companies. You have a chance to choose the mortgage lender that you want. Thus, it is easier to get the best mortgage rates.
4. Provides Overall Reverse Mortgage Advice
An experienced reverse mortgage expert has a good understanding of the market. This is critical when it comes to making the right decisions. Further, a reverse mortgage can be confusing to first-time borrowers. Through the widespread exposure that the mortgage broker possesses, it becomes possible to ensure the borrower gets proper counseling. Thus, the borrower will make an informed decision.
We have looked at the various ways an experienced reverse mortgage broker can assist the borrowers. Therefore, if you are planning to apply for the reverse mortgage Arizona, come to SunAmerican, the leading reverse mortgage company in Arizona. Here are essential aspects to bear in mind when borrowing the Reverse mortgage:
Who Qualifies for the Reverse Mortgage?
US Citizens and persons Residing in the US permanently qualify for the reverse mortgage so long as they are aged 62 years and above. Moreover, the borrower should be a homeowner, while the property should be the primary residence, and have substantial equity. Here is a quick overview of the Reverse Mortgage Qualification Criteria:
- The Borrower must own the home outright or have a single primary lien that can be used to borrow against
- The existing mortgage must be paid off. The Reverse mortgage proceeds can be used to clear outstanding balances
- Live in the home as your primary residence
- Remain current on the property taxes, the homeowner insurance, and other mandatory obligations
- Attend a mandatory consumer information session
- Ensure property maintenance keeping it to quality standards
Do you meet the above criteria? Apply for a reverse mortgage today.
What are the Payment Options?
If you apply for the reverse mortgage with a fixed interest rate, you receive a single disbursement lump sum. However, if you choose a reverse mortgage with a variable rate, you can choose to accept the following options:
- Equal monthly payments
- A line of credit until the amount is exhausted
- Combination of line of credit and fixed monthly payments so long as the house is your primary residence
- Combination of line of credit and fixed monthly payments so long as you live in the home
- Line of credit plus fixed monthly payments for a set length of time
Contact a qualified reverse mortgage broker for advice on the best payment option.