Mortgage Guide | Phoenix Arizona Mortgage

Phoenix Arizona Mortgage

We had lived in our home in Phoenix for the past thirty years and we loved it here but wanted to do some traveling so I did some  researching regarding the current status of Phoenix Arizona mortgage. Then I contacted my Phoenix Arizona mortgage broker to discuss a type of Phoenix Arizona mortgage loan that I had heard of that would allow us to use the equity from our home. I had just retired from a position that I had held for twenty five years which is why we never went on that cruise we had been wanting to. My job just didn’t allow me to take that much time off work at one time. It was a two month cruise through many exotic ports and we had accumulated many brochures to help us decide which one we wanted to take. Actually, it turned out that there were a couple that we were dying to take, one to the orient and the other to the pacific islands. So, it would probably take us a few years to accomplish these dream cruises. Plus, we also wanted to do some other traveling to visit places in the United States that we never had time to see such as the White House in Washington D.C., the Grand Canyon, etc.

When I talked to my Phoenix Arizona mortgage broker he explained that the type of  mortgage loan I wanted was a Reverse Mortgage. He explained to me that a Phoenix Arizona mortgage Reverse mortgage was designed for seniors alone who had acquired a lot of equity in their home, whether it was paid off or not. He told me that this type of mortgage loan did not have to be paid back until either the owners die, or we sell it or move out or rent it. My retirement was quite enough to live comfortably on but not to do all the things we wanted to do. We were both healthy and wanted to accomplish our dreams while that was still the case.

I had read that there was a lot of fraud involved in Reverse mortgages with unscrupulous persons trying to take advantage of seniors who are very trusting. I was warned that if I was approached by some saying they worked for Phoenix Arizona mortgage trying to sell me something such as an annuity and that I could accomplish this with a Reverse mortgage that I should run the other way. I didn’t have to worry about this since I had known my mortgage broker for a number of years. He was able to get my Reverse mortgage with the same Arizona mortgage lender where I took out my original for the same house. This made the Phoenix Arizona mortgage process a little easier since we were already established customers with this Phoenix Arizona mortgage lender and next thing I knew we were planning our first cruise.

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