Tucson Federal Credit Union

Tucson Federal Credit Union In Tucson AZ

TFCU Has 7 Branches In Tucson

Tucson Federal Credit UnionTucson Federal Credit Union was founded as Tucson Teachers Federal Credit Union in 1937. The credit union was operated by school employees volunteers until 1941.

Some 20 years later, TTFCU had grown to 2,220 members, $1.8 million in assets, and 6 full-time employees.

The very first branch of what was to become Tucson Federal Credit Union was built in 1961 on Speedway and Winstel. Two additional branches were added in the mid 1970s.

Within the next 10 to 15 years, TTFCU had grown to 22,250 members and $33.7 million in assets.

In the 1980s, credit unions became eligible to expand their fields of membership to new groups of members. This lead TTFCU to change its name to Tucson Federal Credit Union. With the new name and more aggressive marketing, TFCU expanded to include began serving University of Arizona staff and students. This was in addition to Tucson Unified School District (TUSD) employees, students and their families.

The National Credit Union Administration approved TFCU as a “Community Chartered” credit union in 2006. This allowed Tucson Federal Credit Union to broaden services to virtually everyone in Pima County.

There are over 49,000 members in this local credit union.

Branch Locations are located at

Mid-Town
3801 E. Speedway Blvd.
Tucson, AZ 85716
MAP For Directions
East
8145 E. 22nd Street
Tucson, AZ 85710
MAP For Directions
West
3755 S. Mission Rd.
Tucson, AZ 85713
MAP For Directions

Northwest
7216 N. Oracle Rd.
Tucson, AZ 85704
MAP For Directions

Sahuarita
(in Fry’s Marketplace)
15950 S. Rancho Sahuarita Blvd.
Sahuarita, AZ 85629
MAP For Directions

Marana
(inside Fry’s Marketplace)

12100 N. Thornydale Rd.
Marana, AZ 85653
MAP For Directions

El Rio
1740 W. Speedway
Tucson, AZ 85745
MAP For Directions
                          

For more information on the TFCU visit their website.

Considering A Home In Tucson, AZ?

Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.

We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor duo, we invest the time to understand your home buying interests and desires.

At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.

Why? We want you to know what to expect. And what to plan for.

Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.

For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home. Review our profiles. Check out our backgrounds, education, and certifications.

We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.

We will also help you get deals on tile and paint to make the home you buy yours. Our professional service backgrounds mean we put you first!

Conclusion

Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients say that, not us.

Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541. We are ready to answer your questions and help you get the information you are looking for.

We are a top Realtor duo in Tucson, AZ since 2002. Read our client testimonials. Give us a call. We look forward to making your home buying or selling a home an enjoyable experience for YOU!

If you are interested in joining a credit union, TFCU may be the one for you.

There are seven other credit unions in the greater Tucson metro area. These include: Arizona State Credit Union, Arizona Central Credit, Hughes Federal Credit Union, Pima Federal Credit Union, Pyramid Credit Union, Tucson Old Pueblo Credit Union and Vantage West Credit Union.

Sign UP to receive daily HOME TRACKER UPDATES – OR – Our Monthly NEWSLETTER – OR – More INFORMATION about us. And get regular updates on the Real Estate Market and events in Tucson, AZ.

Questions about the Tucson Real Estate Market or Tucson Homes for Sale?
Call Us – 520 940 4541 OR complete the – CONTACT FORM – and we will get right back to you!

203K Loan

203K Loan For Buying And Renovating A Home

What A 203k Loan Can Do For Tucson Home Buyers

203k loanThe 203K loan or Rehab loan is an FHA mortgage. A 203K Loan is a cost-effective way for buyer’s to buy a home and finance any home repairs and improvements.

Home buyers looking for a “fixer upper” should call their mortgage lender to explore this type of loan.

Using a 203K renovation loan means there is ONE loan. One loan to buy and renovate a home. The FHA 203K loan is useful when refinancing an existing Tucson home that needs updating.

Why Renovation Loans Maybe What You Need

And the 3.5% down payment makes getting it a lot easier.

Quickly See ALL Fixer Upper Homes In The Tucson MLS

The beauty for the renovation loan program is it It saves time and money. One loan, one loan approval and no extra closing costs.

And the rehab costs are in the mortgage not coming out of the buyers pocket after closing.

The 203K Rehab Loan comes in two types – Standard and Streamline.

The Streamlined 203K addresses cosmetic repairs and updates. The smallest amount financed is $5,000.

A Standard 203K Rehab Loan program addresses repair costs over $35,000. Structural changes, adding rooms, new electrical, and a host of other items.

Streamlined FHA 203K Loan

“Structural repairs” are not allowed under a Streamlined 203K. In fact, making any structural items is not considered to be minor by FHA/HUD.

And the repairs included in the rehab loan must increase the marketability and value of the home.

All repairs and improvements must meet HUD’s Minimum Property Standards. And all work must meet all local building, zoning and other codes .

Minimum repairs include any health and safety repairs. For example, peeling lead paint or replacing missing railings.

Whether you want those items included or not.

Any health and safety issues are first. Smoke detectors need to replaced if missing.

Type Of Work That Can Be Included In The Streamlined FHA 203K Renovation Loan

The Streamline 203k loan program is most popular. Simply because there is less red tape and costs. Again, repairs must be less that $35,000. And no structural changes can be make. Renovations can include kitchens, baths, windows and flooring.

  • Repair, Replace or Upgrade
  • Roof, gutters, downspouts
  • Existing HVAC systems
  • Plumbing and electrical systems
  • Flooring
  • Painting
  • Appliances
  • Weatherization
  • Repair, replace or add exterior decks, patios, porches
  • Basement waterproofing
  • Window and door replacement and exterior siding
  • Septic and/or well repair or replacement
  • Improvements for accessibility
  • Lead-based paint stabilization or abatement of lead-based paint hazards

What can’t you do? Ineligible improvements under the Streamlined 203(k):

  • Major structural repairs
  • New construction (adding a room)
  • Repair of structural damage
  • Repairs requiring detailed plans and specs
  • Any repair taking more than 6 months to complete
  • Repairs that would need more than 2 draws
  • Luxury items that are not a permanent part of the real estate
  • Granite, marble countertops, jacuzzi tubs, hot tubs, pools, etc

Standard FHA 203K Renovation Loan

If you have a larger project the Standard FHA 203K loan may work for you. The Standard Renovation Loan will address a home that needs a full gut job. Even added rooms fall under the Standard Renovation Mortgage.

This is what we refer to as the “full blown K”.

A “full K” allows you to make “structural” changes. Even the need to enlarge a house, build a new home on an existing foundation and even take an existing house and move it.

So, you can imagine that the process is a bit more involved.

Think of it as a mini construction loan program. And your contractor can ask for as many as 5 draws. But each draw request needs to have an inspection to ensure the work has been completed.

Because it is more involved than a standard loan, there are more costs involved.

Type of work for a Standard 203(k)

  • Structural alterations and additions
  • Garage
  • Attached unit (new)
  • Remodeled kitchen and baths
  • Changes to eliminate obsolescence and reduce maintenance
  • Modernize plumbing, heating, A/C and electrical systems
  • Install or repair well or septic systems
  • Roofing, gutters, downspouts
  • Flooring, tiling and carpeting
  • Energy conservation improvements
  • Major landscaping
  • Improvements for accessibility
  • New free standing appliances
  • Interior and exterior
  • Swimming Pool repairs
  • Other improvements that are a PERMANENT part of the real estate

And as indicated before, luxury items are NOT permitted in the project.

What is different from the Streamlined K and the full FHA 203K Renovation Loan?

The full K requires a HUD Consultant (selected from HUD’s approved consultant list). And you pay for the consultant.

The HUD consultant understands the program and what can “fit” into the renovation loan.

They will come to the property to review your anticipated improvements.

They will inspect the property for any health and safety issues. These items must by included in the project. The consultant will prepare a “Work Write-up” for the project based on the work you would like to have done.

Because the rehab project is bigger and includes a HUD consultant it takes longer. A lot longer.

Here are a few additional items to consider

First, there are a lot of other rules in the 203K loan program. So find a Realtor and a Lender who has understands them.

Its an FHA mortgage for a primary residence only with a 30 year term. The maximum 203K renovation loan is limited to $295,000 in PIMA County. The maximum varies by state and county.

A 203k loan will require a longer close of escrow. Usually between 45 and 60 days. Think 90 days plus for a Standard 203K renovation loan.

And remind your Realtor to notate on the appropriate line of the Arizona Residential Purchase Contract: “Buyer obtaining a FHA 203K Rehab Loan; terms & conditions apply.” Most will not know it needs to be done.

Considering A Home In Tucson, AZ?

Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.

We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor team, we invest the time to understand your home buying interests and desires. At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.

Why? We want you to know what to expect. And what to plan for.

Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.

For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home. Review our profiles. Check out our backgrounds, education, and certifications.

We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services. We will also help you get deals on tile and paint to make the home you buy yours. Our professional service backgrounds mean we put you first!

Thinking about selling a home in the Tucson area?

Selling a home requires more than listing it in the Tucson MLS system. It’s about marketing. Marketing through multiple online channels.

To no one’s surprise, 80% of home buyers start their search on the internet. Homes must be visible on multiple internet channels. The more visible a home is, the faster it will sell.

We use multiple online marketing channels to showcase your home. We will build a stand-alone website built to show your home. Our marketing program targets key cities in the U. S. based on the season. For luxury listings, our drone service provides video of your home and neighborhood. This video along with professional photos helps the online buyer see and feel in your home.

To learn more about how we can help you sell your Tucson home, call us – 520-940-4541 – to arrange a meeting. We will visit your home and prepare a comparative market analysis. Then we will meet with you to review our analysis and our marketing program to “get your home sold!”

Conclusion

203K Rehab Loans are having a return in our marketplace! As the inventory of Tucson homes for sale has shrunk, buyers are considering the “fixer” in their Tucson home search. Home buyers should determine if they are 203k eligible at the beginning of their home buying process.

Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients say that, not us.

Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541. We are ready to answer your questions and help you get the information you are looking for.

We are a top Realtor team in Tucson, AZ. Read our client testimonials. Give us a call. We look forward to making your home buying or selling a home an enjoyable experience for YOU!

If you are looking for homes in Tucson Arizona OR considering Tucson Arizona as a place to retire to? We can help!

For more information on the FHA 203k loan program, visit the HUD website.

Sign UP to receive daily HOME TRACKER UPDATES – OR – Our Monthly NEWSLETTER – OR – More INFORMATION about us. And get regular updates on the Real Estate Market and events in Tucson, AZ.

Questions about the Tucson Real Estate Market or Tucson Homes for Sale?
Call Us – 520 940 4541 OR complete the – CONTACT FORM – and we will get right back to you!

Answering Mortgage Questions

Getting Answers To Mortgage Questions

One Of The First Mortgage Question To Be Answered Should Be “What Mortgage Can I Afford”

Mortgage QuestionsGetting a mortgage isn’t as easy as it used to be. But if you follow the steps and respond to your lender you will get your mortgage. And your new home.

Many of our clients are buying their “perfect” home as a place to retire too. But they haven’t purchased a home in over 20 years and are unsure about today’s home financing process.

One of the first mortgage questions to answer is, “How much can I afford?” Having the answer to this mortgage question is critical when buying a home in Arizona.

And understand this! Buying a home in Arizona REQUIRES the buyer to be pre-qualified to buy the home. And the pre-qualification form goes with the offer to buy a home.

Find Your Dream Home In Tucson Arizona

This means the buyer needs to contact a mortgage lender and answer some questions in order to be pre-qualified.

Here is a quick video explaining 10 important steps to getting a mortgage for your new home.

There’s More

Interest rates vary every week and the mortgage interest rate you pay will be in effect once you have an executed contract on the home you want to buy and the lender of choice has a “loan lock“.

Also, there are three types of mortgage lenders. Banks, Mortgage Banks, and Mortgage Brokers. So, another mortgage question is; “which of these three home financing options is best for me?”

Well, in this case, the answer is in the details. Rates are very similar across each of these three lenders. However, some are easier to work with and better at meeting the buyer’s timelines.

Take time to understand how the mortgage lender works and will they commit to meeting your schedule.

Answers To Frequently Heard Mortgage Questions

 

The above information will hopefully answer many of the mortgage questions you may have. If it doesn’t, please contact us so that we may help you get the answers to your mortgage questions.

Considering A Home In Tucson, AZ?

Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.

We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor duo, we invest the time to understand your home buying interests and desires.

At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.

Why? We want you to know what to expect. And what to plan for.

Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.

For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home. Review our profiles. Check out our backgrounds, education, and certifications.

We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.

We will also help you get deals on tile and paint to make the home you buy yours. Our professional service backgrounds mean we put you first!

Thinking About Selling Your Home In The Greater Tucson Area?

Selling a home requires more than listing it in the Tucson MLS system. It’s about marketing. Marketing through multiple online channels.

To no one’s surprise, 80% of home buyers start their search on the internet. Homes must be visible on multiple internet channels. The more visible a home is, the faster it will sell.

And the photos on the mls make a difference. You can spend lots of money on home staging. But if that effort isn’t correctly show in the MLS photos, you are not getting the full benefit.

We use multiple online marketing channels to showcase your home. We will build a stand-alone website built to show your home. Our marketing program targets key cities in the U. S. based on the season.

For luxury listings, our drone service provides video of your home and neighborhood. This video along with professional photos helps the online buyer see and feel your home. Their “new” home.

To learn more about how we can help you sell your Tucson home, call us – 520-940-4541 – to arrange a meeting. We will visit your home and prepare a comparative market analysis.

Then we will meet with you to review our analysis. We will go over our Comparative Market Analysis for your home in detail. And the review our marketing program to “get your home sold!”

Conclusion

Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients say that, not us.

Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541. We are ready to answer your questions and help you get the information you are looking for.

We are a top Realtor duo in Tucson, AZ since 2002. Read our client testimonials. Give us a call. We look forward to making your home buying or selling a home an enjoyable experience for YOU!

Sign UP to receive daily HOME TRACKER UPDATES – OR – Our Monthly NEWSLETTER – OR – More INFORMATION about us. And get regular updates on the Real Estate Market and events in Tucson, AZ.

Questions about the Tucson Real Estate Market or Tucson Homes for Sale?
Call Us – 520 940 4541 OR complete the – CONTACT FORM – and we will get right back to you!

PMI Or Private Mortgage Insurance

Useful Tips To Turn The Tables On PMI

PMI – Private Mortgage Insurance – Is Required With Less Than 20% Down – Or Is It?

Considering buying a home? Do you have the cash for a 20% down payment?

PMI Private Mortgage InsuranceIf you don’t, you will need to factor PMI – Private Mortgage Insurance – into the cost of a mortgage. But here are tips on PMI and mortgage loan choices.

There is no reason you cannot buy a home with less than 20% down. A lot of people do it.

But when you do, lenders of conventional loans will add PMI to the loan payments. And PMI is also required if you refinance your mortgage with less than 20 percent equity.

PMI is a layer of protection for lenders, but an added expense for borrowers.

Conventional loans are the most popular type of mortgages. But they are not insured by the government. That is why lenders require the Private Mortgage Insurance. Should you default, the private mortgage insurance pays the lender.

If you default on your loan, PMI makes sure lenders get their money. So a conventional loan with PMI will cost you a bit more. But having PMI can help you qualify for a mortgage.

Especially if you don’t have a 20 percent down payment. But not everyone can get a conventional loan. Why? Their credit score isn’t high enough to qualify.

Can you get out of private mortgage insurance?

The answer is YES!

How Do You Pay For Private Mortgage Insurance?

PMI fees will be around 0.3 percent to about 1.5 percent of the original loan amount per year. This depends on the size of the down payment and the borrower’s credit score.

Mortgage insurance remains tax-deductible. But tax code changes could make it non-deductible at some time in the future.

Payment options for PMI include –

Monthly. Most PMI policies use monthly payments. The “mortgage insurance” will increase your monthly mortgage bill.

One large payment. Some lenders want all the PMI paid in full at the time of closing. If that is the case with your lender, ask to have the payment added to your loan.

Both. This case would be similar to making a down payment. Some of your PMI is paid up front and the rest paid in your monthly mortgage payment.

How do you know if you will be required to have PMI?

Getting private mortgage insurance is typical with conventional loans. But you might not need to get it. Consider all your options before incurring the cost of PMI.

Shop around. Don’t settle for the first lender that approves you for a mortgage. You might end up paying more in interest and insurance. Understand your options for getting a mortgage before “signing” up.

Bump up your down payment. Remember that 20 percent, eliminates PMI. In some cases this can be difficult. But if you have some extra cash, consider it. Consider how much you will save on your monthly payment. How long will it take to “re-coop” the extra down payment? Can you wait that long to get the cash back?

If you can, great. If not, make the PMI payments and get the home you want.

Consider other loans. While conventional loans are the most popular, they aren’t the only kind. Look at FHA, VA, or other types of home loans to make sure you’re getting the right one for your situation.

Considering A Home In Tucson, AZ?

Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.

We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor duo, we invest the time to understand your home buying interests and desires.

At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.

Why? We want you to know what to expect. And what to plan for.

Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.

For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home. Review our profiles. Check out our backgrounds, education, and certifications.

We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.

We will also help you get deals on tile and paint to make the home you buy yours. Our professional service backgrounds mean we put you first!

Conclusion

Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients say that, not us.

Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541. We are ready to answer your questions and help you get the information you are looking for.

We are a top Realtor duo in Tucson, AZ since 2002. Read our client testimonials. Give us a call. We look forward to making your home buying or selling a home an enjoyable experience for YOU!

Sign UP to receive daily HOME TRACKER UPDATES – OR – Our Monthly NEWSLETTER – OR – More INFORMATION about us. And get regular updates on the Real Estate Market and events in Tucson, AZ.

Questions about the Tucson Real Estate Market or Tucson Homes for Sale?
Call Us – 520 940 4541 OR complete the – CONTACT FORM – and we will get right back to you!

What To Know About A Reverse Mortgage

Everything You Need To Know About A Reverse Mortgage

How To Make A Reverse Mortgage Work For You

reverse mortgage premier tucson homesHave you heard the term “reverse mortgage”? Wonder what it is?

Anyone that has bought a home knows what a mortgage loan is. It is money you borrow from a “lender” to buy a home. Ok, if you have lots of cash you don’t have to borrow money to buy a home. But most folks do.

The lender requires the homeowner to make regular payments to pay off the “mortgage” over time. Usually, 30 years. The payments reduce the amount of the mortgage and pay the lender “interest” on the loan.

Reducing the mortgage, increased the amount of “equity” the homeowner has in their home.

So, What Is A Reverse Mortgage?

As the term implies, it is the opposite of a mortgage. With a reverse mortgage, the lender sends you money. A lump sum, monthly or other scheduled payment.

As a homeowner receives the money, the reverse mortgage loan increases. And with increasing mortgage debt, the equity in the home declines. Interest isn’t paid on a reverse mortgage, but added to the loan balance.

A reverse mortgage is a loan against the equity in a home. No equity, no reverse mortgage.

Now here is the fun part. If you don’t make the mortgage payments on a “regular” mortgage you can lose your home. But with a “reverse mortgage” you won’t. Why?

You don’t make payments on a reverse mortgage. And here are some more benefits.

Who Can Qualify?

The requirements to qualify for a reverse mortgage are set up for “senior” homeowners. People that own their home clear of any debt or encumbrances. The reverse mortgage borrower must;

– Be a single homeowner at least 62 years old.

– For a couple, one person must be at least 62 years old. For a couple with only one person being 62 or older, the reverse mortgage money borrowed will be less.

– You must own your home and have no debt against the home.

– The home must be the borrower’s principal home. That means you have live in the home for more than 6 months a year.

– The home must be a single family home, a 2 to 4 unit building or an approved condominium. A planned-unit development will also qualify. And last, a mobile home with a foundation meeting HUD guidelines also qualifies.

– The borrows’ financial situation must meet the lenders’ rules. Lenders will look at your credit history, income and expenses. There must be enough free cash to pay property taxes and home insurance.

How Much Money Can You Get?

Well, that depends on a couple of things.

reverse mortgage home equityThe reason a person would want a reverse mortgage is to get their hands on the money from the equity in their home. Without equity, there isn’t a reverse mortgage.

The amount received depends on the home’s worth, the age of the borrower, interest rate and lender fees. Remember, there can be no debt on the home. The proceeds from the reverse mortgage can pay off any debt first. But that will reduce the balance of the reverse mortgage for future use.

With that in mind, the most cash is available for older borrowers living in homes with the greatest value. And the lower the interest rate charged the greater the amount of money available.

Another big factor in the amount of cash you receive from a reverse mortgage is how you receive it.

Receive Monthly Payments

Most people need a monthly income to live on. That makes a monthly payment is a popular option.

A reverse mortgage can make a set payment amount for a specified number of months. Or, it can make a set payment for as long as you live in your home. Or for life.

The longer the period of time to received payments, the lower the amount of the payment will be.

Used It As A Line Of Credit

An alternative to monthly payments is to create a line of credit. Using a line of credit means you only draw money from the reverse mortgage when you need it.

And the interest isn’t charged until you use the money. That means you only pay interest on the money used. And that will make the balance of the reverse mortgage last longer.

This option a better way to access funds if your financial goal is to limit the equity you pull from your home. The size of the line of credit will be set at the time you close on your reverse mortgage loan but may increase over time.

Get A Lump Sum Amount

Another option is a lump sum payment. It is the least beneficial to most people. A lump-sum payout only makes sense when you have an immediate need for a large amount of cash.

Or Mix And Match Payments

This option might work if you need a large chunk of money up front and a regular monthly income.

It is a combination of the preceding three programs. And some reverse mortgage lenders will allow you to alter the payment structure as time goes on.

Another big factor in the amount of cash you receive from a reverse mortgage is how you receive it.

When Is A Reverse Mortgage Repaid?

Here are the conditions under which you need to repay a reverse mortgage:

When the last surviving borrower dies, sells the home, or moves away. In this context, “moves away” means that they haven’t lived in the home for 12 consecutive months.

The reverse mortgage may need to be repaid if-

– Property taxes aren’t paid.
– Home insurance isn’t maintained
– The home falls into disrepair

In these situations, the lender may be able to make more cash available to resolve the problem. Note the word “may”. It is not a sure thing.

At the end of the day, reverse mortgage borrowers are homeowners. And are responsible for insurances, taxes and maintenance of the home.

What Do You Owe?

The total amount you will owe at the end of the loan will be-

– All cash received
– All interest incurred

It is important to understand that you can never owe more than the value of your home at the time the loan is repaid.

A true reverse mortgage is a non-recourse loan. That means that in getting repaid the lender only has your home. They cannot take your income, other assets or your heir’s finances.

Will A Reverse Mortgage Effect Your Government Sponsored Benefits?

Social Security and Medicare benefits aren’t affected by reverse mortgages. But Supplemental Security Income (SSI) and Medicaid are different.

Reverse mortgages will affect these and other public benefit programs under certain circumstances. So if you are receiving SSI and/or Medicaid talk with an attorney or financial adviser.

Conclusion

Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients say that, not us.

Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541. We are ready to answer your questions and help you get the information you are looking for.

We are a top Realtor duo in Tucson, AZ since 2002. Read our client testimonials. Give us a call. We look forward to making your home buying or selling a home an enjoyable experience for YOU!

Sign UP to receive daily HOME TRACKER UPDATES – OR – Our Monthly NEWSLETTER – OR – More INFORMATION about us. And get regular updates on the Real Estate Market and events in Tucson, AZ.

Questions about the Tucson Real Estate Market or Tucson Homes for Sale?
Call Us – 520 940 4541 OR complete the – CONTACT FORM – and we will get right back to you!