What is a Reverse Mortgage?

A Reverse Mortgage enables Senior’s age 62 and older to convert a portion of the equity in their home into tax-free proceeds without giving up ownership or ever making a mortgage payment while in their home.  It is a non-recourse loan which means if the loan amount ever were to become more than the value of the property, the borrower and their beneficiaries have no financial obligation to repay the debt.

Who is Eligible?

• You must be 62 years or older
• Own the property and reside there full time
• Undergo Mandatory Counseling with a HUD Approved Counselor

How do I Qualify?

• At least one borrower must be on the title to the property at the time of application.
• Only Eligible Reverse Mortgage applicants can remain on title at closing
• All liens on the property must be paid off at the time of closing
• The borrower must have lived in the home 1 day before making an application for the loan
• You must have enough income to cover the property expenses, your other recurring expenses and maintenance on the home.

Is a Reverse Mortgage Right for you?

• This loan will shelter your homes equity from the market
• It can provide you with a Line of Credit that grows at a fixed rate over time
• It can provide you with a monthly distribution for the rest of your life
• It can extend the life of your qualified retirement accounts
• It can fill any insurance gaps such as long term care or adequate health care coverage
• It puts you in control so you can enjoy your retirement

For your no obligation confidential review, Contact Traci Ranic with Frontier Financial of Arizona.  We are the Home of the Loan Arrangers.

Traci Ranic
Mortgage Planner & Reverse Mortgage Specialist – NMLS 17167
Frontier Financial of Arizona
Phone: 928-202-4270
Cell/Text: 916-813-4213
Email: traci@ffaz.us

Office: 1191 N Old Chisholm Trail Suite B., Dewey, AZ 86327

AZMB 0910428 | NMLS 150085