Resources for Littlefield Arizona reverse mortgage questions

Useful information regarding reverse mortgages in Littlefield Arizona


Reverse mortgage loan advances are not taxable, and generally don’t affect your Social Security or Medicare benefits. You retain the title to your home, and you don’t have to make monthly repayments. The loan in Littlefield Arizona must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence.

Reverse Mortgage Loan Types

An HECM is a reverse mortgage loan product insured by the Federal Housing Authority (FHA). While other reverse mortgage loan products exist, the HECM is the most well-known and widely available in Littlefield Arizona. It enables eligible homeowners to access the equity in their homes by providing funds (in many instances in a lump sum payment) without incurring a monthly payment burden during their lifetime in the home. To learn more, please apply with Bills.com and get matched with a lender or read more about in our Reverse Mortgage section. To be eligible for an HECM, a borrower must be 62 years or older, own their own property (or have a small mortgage balance), occupy their property as their primary residence, and participate in HECM counseling.

What You Need to Know About Reverse Mortgage Requirements


There are no income, credit, or employment qualifications required of the borrower for a reverse mortgage, and no repayment is required if the property is the borrower’s primary residence in Littlefield 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.

Financing a Reverse Mortgage in Littlefield Arizona

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. A reverse mortgage in Littlefield 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

With most reverse mortgages in Littlefield Arizona, you have at least three business days after closing to cancel the deal for any reason, without penalty. To cancel, you must notify the lender in writing. Send your letter by certified mail, and ask for a return receipt. That will allow you to document what the lender received and when. Keep copies of your correspondence and any enclosures. After you cancel, the lender has 20 days to return any money you paid up to then for the financing of the reverse mortgage.

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