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Best Reverse Mortgage Lenders in Phoenix, AZ

Aug. 15, 2019, 8:17 p.m.

Year-round warm weather makes Arizona one of the top destinations for retirees. But many seniors have financial anxiety when thinking about retirement. Reverse mortgages can relieve that stress, allowing homeowners to reach their short-term financial goals and strengthen their retirement plans. Our partners at ConsumerAffairs reviewed the best reverse mortgage lenders in Phoenix to help you make the right decision.

Everyone deserves to make thoughtful, informed purchase decisions. The local guides provided on this website are free for consumers. ABC15 may receive compensation from our partners. Learn more.

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#1
MOST POPULAR
Finance of America Reverse

Optimize your retirement!

VISIT WEBSITE
CALL FINANCE OF AMERICA REVERSE
(855) 622-6838
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#1 MOST POPULAR
Finance of America Reverse
Finance of America Reverse
Features
  • Jumbo reverse mortgages
  • NRMLA certified
  • Available in Phoenix
  • Retirement investment options
Read More
VISIT WEBSITE
CALL FINANCE OF AMERICA REVERSE
(855) 622-6838
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#2
Liberty Home Equity Solutions
Liberty Home Equity Solutions
Features
  • No upfront fees
  • Fixed & variable rates
  • Wholesale lending options
  • Available in Phoenix
Read More
VISIT WEBSITE
CALL LIBERTY HOME EQUITY SOLUTIONS
(866) 268-5369
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Sun American Mortgage
Sun American Mortgage
Features
  • M-F: 8am - 5pm
  • Sat & Sun: open 24 hours
  • phoenixazreversemortgage.com
Location
2049 W Gloria Ln.
Phoenix, AZ 85085
(480) 400-8326
V.I.P. Mortgage: Tim Nelson
V.I.P. Mortgage: Tim Nelson
Features
  • M-F: 8am - 5pm
  • Closed Sat and Sun
  • timnelson.vipmtginc.com
Location
9221 East Vía de Ventura
Scottsdale, AZ 85258
(602) 319-9040

How to qualify for a reverse mortgage in Phoenix

Phoenix Skyline

A reverse mortgage allows older homeowners to convert part of the equity in their homes into cash. This type of loan helps retirees with limited income cover basic monthly expenses and pay for health care. It is called a reverse mortgage because the lender makes payments to the borrower instead of the borrower making payments to the lender.

There are several reasons why homeowners would consider a reverse mortgage in Phoenix. These reasons include things like supplementing retirement income, paying unexpected medical expenses, completing home improvements and repairs and purchasing a new home.

Winter visitors and retirees flock to Phoenix and its surrounding areas including Scottsdale, Peoria and Tempe because of the year-round warm temperatures. Arizona is ranked second for attracting the most people over 60. In fact, the state grew by 28,614 retirees in 2016.

Home values in Phoenix rise every year, supporting applications for reverse mortgages. In fact, the average home price increased by 8.8 percent in 2017. This raised the median home value to $238,330 with an average home equity of $13,000.

If you are considering a reverse mortgage in Phoenix, there are a few requirements:

  • You must be at least 62 years old.
  • The home must be your primary residence.
  • You must maintain the home’s condition while you are receiving payments.
  • The home must be one of the following: single-family, 2-4 unit property, HUD-approved condominium, townhouse or manufactured home built after June 1976.

When determining risk, lenders consider your home’s current appraisal value, your mortgage’s current interest rate, your credit history and the loan-to-value ratio. With most reverse mortgages, you have the right to cancel it without penalty within three business days. To do so, you must notify the lender in writing.

Finance of America Reverse

Finance of America Reverse

CALL FINANCE OF AMERICA REVERSE

(855) 622-6838 VISIT FINANCE OF AMERICA REVERSE

Finance of America Reverse provides Phoenix homeowners 62 and over with financial independence through reverse mortgages. Homeowners can leverage their home to meet short-term financial goals and lengthen retirement plans. Customers in Phoenix appreciate the company’s professional and helpful staff that made the process easy to understand.

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Liberty Home Equity Solutions

Liberty Home Equity Solutions

CALL LIBERTY HOME EQUITY SOLUTIONS

(866) 268-5369 VISIT LIBERTY HOME EQUITY SOLUTIONS

Liberty Home Equity Solutions offers reverse mortgages in Phoenix to homeowners 62 and older who are looking to leverage their home equity to strengthen retirement plans. The company’s reverse mortgage solutions are useful in supplementing retirement income, paying off an existing mortgage and covering medical expenses.

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Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.

Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.