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A Guide To Aging In Place
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Just The FAQs: Answers to Common Questions About Reverse Mortgages
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See the Top 10 Myths About Reverse Mortgages
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Using Reverse Mortgages For Health Care
Yuma Reverse Mortgage Information
Yuma has become a hot-spot for seniors who want to get away from the cold of the nothern winters.
Many seniors in Yuma have chosen to enjoy their golden years rather than worry about making their next mortgage payment -- they have started putting their mortgage to work for them by getting a reverse mortgage right here in Yuma!
Yuma Reverse Mortgage Decisions
If you live in Yuma, you will need to meet with an FHA reverse mortgage counselor before making your final decision about whether or not to get a reverse mortgage. If after meeting with the reverse mortgage counselor, you still feel like a reverse mortgage is right for you, then the process can continue.
If after meeting with the reverse mortgage counselor you feel like it is better to wait for a reverse mortgage, the process stops there.
During the reverse mortgage counseling process, the counselor discusses things such as FHA HECM program eligibility requirements and provisions for the mortgage becoming due and payable. After you are done with reverse mortgage counseling, you should be able to make an independent, informed decision of whether a reverse mortgage is right for you.
How Does a Yuma Reverse Mortgage Work?
As long as you live in your home and keep your taxes and insurance paid, you can never be forced out. The federal government also guarantees your reverse mortgage, which means that you don't ever have to make a payment, you can never owe more than your house is worth and your heirs can make the decision on whether to sell or move into the house.
How to Qualify for a Yuma Reverse Mortgage
The qualifications for a Yuma reverse mortgage are:
- Age 62 years of age or older
- Own your property
- Occupy your property as primary residence
- Single family home or 1-4 unit home with one unit occupied by the borrower
- HUD-approved condominiums
- Manufactured homes and leased land
- Participation in a consumer information session given by an approved HECM counselor
Work with local Arizona Reverse Mortgage Experts
We are local Arizona experts on the FHA Reverse Mortgage program and would be happy to help answer any reverse mortgage questions that you may have. Call us today!
Get Started Now!
