Get help with a El Mirage Arizona reverse mortgage

Find your city and get information on a reverse mortgage in El Mirage Arizona


According to the Department of Housing and Urban Development (HUD), the number of HECM loan originations in El Mirage Arizona and elsewhere insured by the Federal Housing Administration rose from 7,923 in fiscal year 1999 to 112,013 in 2008, representing an increase of more than 1,300%. HUD anticipates that the number of HECM originations will rise significantly in 2009 due in part to an increase in HECM loan limits from $362,790 to $625,500.

Types of Reverse Mortgage Loans

All HECM lenders in El Mirage Arizona must follow HUD rules. And while the mortgage insurance premium is the same from lender to lender, most loan costs, including the origination fee, interest rate, closing costs, and servicing fees vary among lenders. No matter what type of reverse mortgage you’re considering in El Mirage Arizona, understand all the conditions that could make the loan due and payable. Ask a counselor or lender to explain the Total Annual Loan Cost (TALC) rates. TALC rates show the projected annual average cost of a reverse mortgage, including all the itemized costs.

Reverse Mortgage Loan Requirements


There are no income, credit, or employment qualifications required of the borrower, and no repayment is required if the property is the borrower’s primary residence in El Mirage Arizona or elsewhere. Closing costs may be financed in the mortgage loan. The homeowner is responsible for property taxes, insurance, maintenance, utilities, fuel, and other expenses.

Reverse Mortgage Loan Financing

Although some reverse mortgages have fixed rates, most have variable rates that are tied to a financial index: they are likely to change with market conditions. Reverse mortgages in El Mirage Arizona can use up all or some of the equity in your home, and leave fewer assets for you and your heirs. Most reverse mortgages have a "non-recourse" clause, which prevents you or your estate from owing more than the value of your home when the loan is repaid.

Bills.com Benefits For Reverse Mortgage Shoppers

Bills.com has a world of benefits for El Mirage Arizona loan borrowers and you can always count on our services, advice and guidance. Simply use the Bills.com Savings Center to find exactly what you need and get additional reverse mortgage information from Bills.com Mortgage resource center.

See Equitable Reverse Mortgage Review to learn more about a reverse mortgage servicer Bills.com considered.

Help With a El Mirage Arizona Reverse Mortgage

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