As the economy struggles, many seniors are turning to an Arizona reverse mortgage to make ends meet every month. The FHA reverse mortgage program is easy to qualify for if you are at least age 62 and have equity in your property.

Some of the highlights of the FHA reverse mortgage program that is insured by FHA include:
  • Make no mortgage payments as long as you live in the home
  • Get your money either in a line of credit, monthly installments or a lump sum
  • Interest rates for the program can be either fixed or variable
  • FHA reverse mortgage counseling can be done by an FHA approvedcounselor over the phone and costs $125 and is paid to the FHAreverse mortgage counseling company
  • An FHA reverse mortgage appraisal is usually $350 and can be paid to the appraiser directly
  • All other fees and costs can be put into the FHA reverse mortgage
Is the FHA reverse mortgage program right for you? It is probably worth your time to find out if you meet the age requirements.