Reverse mortgages in Arizona

This box describes the FHA-insured reverse mortgage, called a HECM (Home Equity Conversion Mortgage).

• Age: 62 or older
• Occupancy: the home must be your principal residence
• Counseling: required, with a HUD-approved HECM counselor, before you move forward
• Ongoing costs: you keep paying property taxes, homeowners insurance, and HOA dues, and you keep up the home
• Equity: you own the home outright or have paid down a good share of it
• 2026 HECM limit: $1,249,125, the most home value HUD will count, the same nationwide

Who it fits

Homeowners 62 and older who will keep living in the home and can keep up with taxes, insurance, and HOA dues. A birthday alone isn't a reason.

How it works

Counseling comes first. You stay in the home and keep paying its ongoing costs. The loan balance grows over time, and the loan comes due when the home is no longer your principal residence or the loan terms are not met.

What it costs

Origination, FHA mortgage insurance, and servicing costs. We'll walk through them after counseling, on your numbers. A reverse mortgage is a loan, not free money.

When a reverse mortgage isn't the right tool

Lots of Arizona homeowners are house-rich and cash-tight. A reverse mortgage can help some of them. It isn't the default for anyone who turns 62.

It's likely the wrong fit if:

• You want to leave the home free and clear to your family soon
• You won't live in the home
• Property taxes and insurance are already a struggle you can't steady
• You need to sell quickly

Sometimes a traditional refinance, a home equity loan, or selling and buying a smaller home is the better path. I'll lay those out next to the reverse option. refinance

I originate reverse mortgages myself and shop them like any other loan. You work with me from the first conversation to closing day.

A reverse mortgage still has rules. Taxes, insurance, HOA dues, and occupancy have to stay current. People can lose their homes when those bills go unpaid. A conversation is not an approval, and it's the right place to start.

Counseling comes first, and it's for you

Before you can move forward with an FHA-insured reverse mortgage, you meet with a HUD-approved counselor. That session is for you, not for me. The counselor explains your responsibilities, your other options, and how the loan affects your estate. If counseling helps you decide to walk away, it did its job.

Bring your questions:

• What will I pay each month in servicing costs?
• What happens if my spouse passes away?
• What happens if I move into assisted living or long-term care?
• Who pays the HOA dues?

In Arizona's HOA communities, unpaid dues can still put the home at risk.

Is a family member encouraging you? I'm glad to have them on the call. You still need to be the one who understands and chooses the loan. Pressure from anyone is a reason to slow down.

Living in the home, your spouse, and the home's condition

You have to live there. An FHA-insured reverse mortgage requires the home to be your principal residence. If you plan to move out of state and rent it out, a reverse mortgage won't fit. If you spend much of the year somewhere else, tell me early.

Plan for your spouse. If your spouse is younger than 62 or won't be on the loan, they need to be part of the plan from day one. Tell me who is on the title and who lives in the home.

The home has to be in good shape. It needs to be insurable and meet appraisal standards. Older homes in central Phoenix sometimes need repairs first. That can change whether a reverse mortgage makes sense.

What happens for your heirs

With a reverse mortgage, the loan balance usually grows over time, because you aren't making monthly principal and interest payments. When the loan comes due, your heirs can repay it, refinance, or sell the home. They inherit the home along with the loan, not a home that's paid off.

If keeping the home in the family matters to you, we'll look at whether enough equity is likely to remain, using careful assumptions. Arizona home values can go down as well as up. A plan that looks comfortable in a strong market can feel tight if values dip and the balance grows.

Buying a home vs. tapping the equity you have

Buying a home with a reverse mortgage. Some homeowners use a reverse mortgage to buy a home that suits the next chapter, with no monthly principal and interest payment. You still need cash for a down payment, counseling, and a home that meets the program rules.

Using the equity in your current home. We compare a reverse mortgage to staying as you are, a traditional refinance, or selling. I'll need your current mortgage balance, who lives in the home, and what you want the cash or lower payment to do for you.

Call or text (602) 448-4470. We'll talk it through, with your family on the call if you'd like.