Best Reverse Mortgage Companies in Phoenix, AZ

Best Reverse Mortgage Companies in Phoenix, AZ

Reverse Mortgage Costs in Phoenix, AZ

The 2023 HECM maximum nationwide claim amount—also known as the reverse mortgage lending limit—is $970,800 for all Arizona borrowers. In Phoenix, the cost of a reverse mortgage depends on:

• Borrower age
• Home equity
• Lender fees
• Market interest rates
• Credit history
• Type of loan

When budgeting for your reverse mortgage costs, remember to account for interest, lender servicing fees, the annual mortgage insurance premium, and other housing expenses like flood insurance or property taxes. The most popular type of reverse mortgage is an FHA-backed Home Equity Conversion Mortgage, HECM. With a HECM, Arizona borrowers have several options for how the proceeds are disbursed:

• Lump sum: All proceeds are disbursed upfront. Option for a fixed interest rate.
• Term: Monthly payments for a predetermined period
• Tenure: Monthly payments for the life of the loan
• Line of credit: Withdraw funds as needed. Pay interest and fees only on the portion of the loan you withdraw.
• Combination: Receive monthly payments plus use a line of credit, or choose partial lump sum plus monthly payments or line of credit.

Lump sum disbursement is more expensive because the lender will charge fees on the entire loan amount at once. A line of credit could be more affordable because fees and interest are charged only on the portion of funds you withdraw.

How a Reverse Mortgage Works

A reverse mortgage allows borrowers to leverage their home equity for cash. Then, they’ll use the money to supplement retirement income, make necessary aging-in-place improvements or home repairs, or reduce their monthly housing expenses. Reverse mortgage holders don’t make monthly payments. Instead, the lender pays the borrower via a monthly disbursement, lump sum payment upfront, a line of credit, or a combination of these payouts. You can take out a reverse mortgage on single-family homes, condos, townhomes, certain manufactured homes, and two- to four-unit multi-family homes in which the borrower occupies one unit. Vacation homes, rental homes, and investment properties are not eligible. HECMs also have a lending limit that adjusts annually, but homes over the FHA limit might qualify for a proprietary reverse mortgage from a private lender. Before applying for a reverse mortgage, you must meet with a reverse mortgage counselor to discuss how the loan works, your qualifications, and the responsibilities you incur when taking out a reverse mortgage.

Phoenix, AZ Reverse Mortgage Eligibility Requirements

Phoenix has a large population of seniors, which means many qualify for reverse mortgages. A reverse mortgage is a good financial tool for Phoenix, AZ, retirees 62 and over who:

• Have paid off their homes
• Have significant equity but haven’t hit social security age yet
• Plan to stay in their homes

According to the U.S. Census, more than 55% of Phoenix residents own their homes. For those who choose to stay in their homes, a reverse mortgage can finance renovations for aging in place and provide extra income to improve quality of life. Senior homeowners with less-than-perfect credit can easily qualify for a reverse mortgage. Phoenix homeowners over age 62 with the option to take out a HELOC or other type of home equity loan should not get a reverse mortgage.

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Phoenix, AZ Reverse Mortgage Company Reviews

Honor Mortgage, LLC

Honor Mortgage offers a free online tool to help you find out how much you could qualify for with a reverse mortgage. As a broker, Honor Mortgage represents multiple lenders and brings the best options to clients. Customers said loan officers were attentive and transparent throughout the process and were quick to get the job done. Reviewers give five stars for a great experience, easy-to-use online portal, and amazing rates.

Honor Mortgage, LLC
Address	144 E Eugie Ave, Phoenix, AZ 85022
Phone Number	(602) 738-6324

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All Reverse Mortgage, Inc. (ARLO™)

All Reverse Mortgage is the home of ARLO, a free online calculator that offers side-by-side lender comparisons for Arizona reverse mortgage lenders, real-time interest rates, and expert recommendations. All Reverse Mortgage is also an FHA-approved direct lender offering HECMs, purchase HECMs and jumbo reverse mortgages. Reviewers gave this company high marks for fast responses, helpful information, and courteous loan processors. Clients were grateful for outstanding service and were impressed with the company’s focus throughout a complex process.

All Reverse Mortgage, Inc. (ARLO™)
Address	12406 N 32nd St Suite 105, Phoenix, AZ 85032
Phone Number	(480) 790-2835

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Open Mortgage LLC, Phoenix AZ

Open Mortgage offers a variety of home loan options, including reverse mortgage HECMs. This company specializes in fast turnaround times. A loan officer will help you apply, compare, and choose a loan, or you can start online using a rate comparison tool. Reviewers scored this company five stars for keeping them in the loop, saving them money, and closing quickly. Customers liked the loan officers’ transparency, communication, and professionalism.

Open Mortgage LLC, Phoenix, AZ
Address	12406 N 32nd St Suite 105, Phoenix, AZ 85032
Phone Number	(480) 790-2835

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Expert Mortgage, LLC

Expert Mortgage LLC offers a suite of home loan programs, including reverse mortgages. You can apply online or enlist the help of a loan officer who is available 24/7. Clients say that loan officers at this company are smart and helpful in managing a faster-than-expected loan process. Reviewers give five stars for unmatchable rates, quick and painless processes, and open communication and coaching.

Expert Mortgage, LLC
Address	23212 North 40th Pl, Phoenix, AZ 85050
Phone Number	(602) 206-5592

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Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation represents multiple lenders to offer a wide variety of home loan products. It’s also a direct lender with all operations in Arizona, so mortgage advisors understand the Phoenix market. The company offers HECMs, proprietary reverse mortgages, and HECMs for purchase. Apply online, call, or visit the office to determine which reverse mortgage is best for you. Reviewers said the experience with Fairway was smoother than any other mortgage experience and that staff took time to explain all the options.

Fairway Independent Mortgage Corporation
Address	5229 N 7th Ave Ste 108, Phoenix, AZ 85013
Phone Number	(602) 265-5626

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Ted Canto, Mortgage Broker

Mortgage Broker Ted Canto represents multiple lenders to bring clients the lowest rates. He is a licensed NMLS broker who works with borrowers to make qualifying easy. Contact Ted to find out if a reverse mortgage is right for you. Reviewers liked Ted’s attention to detail, expertise, and open communication. Clients said he was able to get borrowers through tough situations and find them the best offers on the market.

Ted Canto, Mortgage Broker
Address	1825 E Northern Ave Unit 250, Phoenix, AZ 85020
Phone Number	(480) 650-8602

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VIP Mortgage

VIP Mortgage matches borrowers with the best possible program and product for their unique financial situations. They provide many home loan options, including reverse mortgage HECMs. Borrowers do not have to meet debt-to-income ratios or FICO score requirements. Apply online or meet with a loan officer to discuss your options. Reviewers give five stars for outstanding customer service, knowledgeable and professional staff, and support from beginning to end.

VIP Mortgage
Address	3003 N Central Ave #1030, Phoenix, AZ 85012
Phone Number	1 (800) 680-8799

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Desert Springs Mortgage, LLC

Desert Springs Mortgage is locally owned and family operated. The company works with over 45 lenders to find you the best rates and options. There are no processing fees for FHA loans. Use the online tool to find out if a reverse mortgage is right for you or contact the company to talk with a specialist. Quotes are free. This company earned five stars for personable and caring loan officers and an enjoyable, seamless process. Multiple reviewers mentioned appreciated the company’s fast response to any issues during the process.

Desert Springs Mortgage, LLC
Address	2415 E Camelback Rd suite 700 office 772, Phoenix, AZ 85016
Phone Number	(623) 432-1309

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Bill Cave – Reverse Mortgages

Bill Cave is a licensed retirement mortgage specialist who helps senior homeowners decide if a reverse mortgage is right for them. The company works with Fairway Independent Mortgage Corporation and can offer HECMs, H4Ps, and jumbo reverse mortgage options. Bill educates you about common misconceptions. Clients give Bill Cave five stars for a positive experience, thorough explanations, professional service and personal trustworthiness. Customers liked that Mr. Cave did not pressure them into making a decision, and instead, provided them with all the necessary information to make the right decision for them.

Bill Cave – Reverse Mortgages
Address	7111 W Bell Rd Ste 104, Glendale, AZ 85308
Phone Number	(623) 341-6334