Reverse Mortgage Prescott
Is a Reverse Mortgage Right for You? 6 Signs It Might Be
If you’re 62 or older and exploring ways to improve your financial flexibility in retirement, a reverse mortgage might be the solution you’ve been searching for. As a Reverse Mortgage Specialist serving clients throughout Prescott, Prescott Valley, Phoenix, Flagstaff, and Northern Arizona, I’ve helped countless homeowners use their equity to live more comfortably—without selling their…
Read MoreWhy reverse mortgages are not just for the rich
For many years reverse mortgages were broadly considered a loan of last resort. But as these financial vehicles have become more mainstream, and financial advisors have begun giving them a second look, a new criticism has emerged: they are yet another way for the rich to get richer. Neither categorization is entirely accurate. However, looking at them…
Read MoreA non-borrowing spouse guide to Reverse Mortgage
Although couples typically take out a reverse mortgage loan together, there are some circumstances in which one spouse does not meet the eligibility requirements of the loan. In these cases, the eligible spouse may take the reverse mortgage loan in their name alone. While the borrowing spouse is living and upholding the terms of the loan, this arrangement allows…
Read MoreWhy Reverse Mortgages are so misunderstood
While reverse mortgages have been around for decades, many people still don’t understand how they work. This confusion can lead to people dismissing them as a viable financial option, without really taking the time to learn more and separate the myths from the realities. While it’s difficult to pinpoint where the misconceptions came from, we’ve compiled…
Read MoreWhen refinancing a Reverse Mortgage Makes sense
Several situations may make refinancing a reverse mortgage a savvy financial decision. These can include: Locking in a more favorable interest rate. If market conditions have led to lower interest rates, refinancing could potentially reduce the amount due when the loan matures. Accessing more equity. If a home’s value has appreciated significantly, refinancing might make a borrower eligible for…
Read MoreWhy Now Might Be the Best Time to Consider a Reverse Mortgage
Yes, you read that right! It may sound counterintuitive, but now could be the perfect time to exchange your low-interest conventional mortgage for a higher-interest-rate reverse mortgage. Why would you make that switch? The straightforward answer is that you can actually build equity faster by making payments on a reverse mortgage than on a traditional…
Read MoreCash-Out Refi Versus Reverse Mortgage
What Is a Cash-Out Refi? The process for a cash-out refi is similar to refinancing an existing traditional mortgage. In a traditional refi, the borrower pays off an existing mortgage loan and secures a new loan. The terms are different from the original loan, likely with a lower interest rate, shorter term, or both. In…
Read MoreCommon Reverse Mortgage Questions
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…
Read MoreIt’s time to trade out that low interest rate mortgage for a high interest rate Reverse Mortgage
You read the title correctly! If you have been on the fence about getting a reverse mortgage now is the time to get serious about it. Why would you possibly trade in a regular 30 year fixed loan at say 3% or even 4% for a higher interest rate Reverse Mortgage? The straight answer is…
Read MorePAAR Prescott Reverse Mortgage Lunch & Learn was a success!
We had a successful Lunch & Learn with the Prescott Area Association of Realtors at their office this week. They made a great video for #nationalcomplimentday We love this community. Thank you for having us join you to educate local realtors on the benefits that a Reverse Mortgage can bring to their clients and to…
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