HUD Mortgagee Letter Raises Arizona Reverse Mortgage Loan Limits
Yesterday, HUD published an official Mortgagee Letter (2009-07) that raised Arizona reverse mortgage loan limits to $625,500.
This is good news for seniors living in Arizona who may be interested in qualifying for a FHA reverse mortgage!
As of yesterday, anyone who is interested in getting an Arizona reverse mortgage can now have access to more money. The old loan limit was $417,000 and the higher $625,500 Arizona reverse mortgage limit is in place for the rest of 2009.
Don’t forget, as of January 1, 2009 – FHA also has an Arizona reverse mortgage for purchase program where seniors can now buy a home with a reverse mortgage… and possibly put no money down and make no down payment for as long as they live in the home!
Arizona Reverse Mortgage Options
Many seniors are interested in possibly getting an Arizona reverse mortgage because they want to enjoy their golden years of retirement and not have to worry about making their next mortgage payment. With the FHA reverse mortgage program, accessing the equity in your home is easy to do and is backed by FHA. A few of the benefits of the Arizona reverse mortgage program include:
- No monthly mortgage payments
- Title remains in your name
- Tax-Free money can be used in any way you choose
- Option for a credit line to handle life emergencies or unexpected expenses
- No income, credit or health requirements
- Eliminate debt by paying off mortgages and credit cards
In order to qualify for an Arizona reverse mortgage you must:
- Be age 62 years of age or older
- Own your property or plan on buying it using the Arizona reverse mortgage for purchase program
- Occupy the property as primary residence
- Single family home or 1-4 unit home with one unit occupied by the borrower
- Participate in a consumer information session given by an approved HECM counselor
If you were one of the many seniors who were waiting for the Arizona reverse mortgage loan limits to increase – it is now time to act.
