A reverse mortgage lets homeowners age 62 and older borrow against their home equity with no monthly mortgage payment required, using a lump sum, a credit line, or monthly payments instead.
Mountain Country Mortgage compares reverse mortgage lenders on your behalf, so Northern Arizona retirees get a clear, honest look at their options.
A reverse mortgage lets eligible homeowners borrow against equity they have already built, with no monthly mortgage payment required. Instead of you paying a lender, the lender pays you, as a lump sum, a credit line, monthly payments, or a combination.
The most common version is the Home Equity Conversion Mortgage, or HECM, insured by the Federal Housing Administration. The balance grows over time as interest accrues, and it becomes due when the last borrower moves out, sells the home, or passes away.
Reverse mortgages require HUD-approved counseling before you can close. Mountain Country Mortgage is a broker, not a lender, and we work with reverse mortgage lenders on your behalf to find the right terms.
Northern Arizona draws retirees for the mountains, the climate, and a slower pace of life. Many have lived in their homes long enough to build substantial equity along the way.
A fixed income from Social Security or a pension does not always stretch as far as rising home values and living costs demand. A reverse mortgage frees up monthly cash flow without asking anyone to sell the home they have settled into.
A retired homeowner in Bullhead City was living on Social Security alone and had paid off most of her mortgage over three decades. A reverse mortgage eliminated her remaining payment and opened a credit line for home repairs, letting her stay in the home long-term.
| Requirement | Typical Range |
|---|---|
| Minimum Age | At least one borrower must be 62 or older. |
| Residency | The home must be your primary residence. |
| Property Type | Single-family home, FHA-approved condo, or qualifying manufactured home. |
| Equity | Sufficient equity is required. An existing mortgage can be paid off from the proceeds. |
| Counseling | A HUD-approved counseling session is required before closing. |
| Ongoing Obligations | Property taxes, homeowners insurance, and basic home maintenance. |
At least one borrower must be 62 or older with enough equity in the home.
A federally required, independent session that walks through your options honestly.
We shop reverse mortgage lenders and present the options that fit your goals.
A lump sum, monthly payments, a credit line, or a combination.
Any existing mortgage is paid off from the proceeds as your file moves through underwriting.
Once underwriting clears, you sign, fund, and your reverse mortgage is in place.
A couple of quick stops before you go further, so you walk into your first conversation with a loan officer already prepared.
A plain-English walkthrough of the whole process, from checking your credit to closing day.
See every loan program Mountain Country Mortgage offers, from first-time buyer options to investor financing.
Yes. You remain the owner of your home.
A reverse mortgage is a lien, just like a traditional mortgage. You retain the title and can live in the home as long as you meet the loan requirements, including paying property taxes and insurance.
Your heirs can sell the home to pay off the loan, or pay off the loan and keep the home.
If the loan balance is higher than the home’s value, FHA insurance covers the difference. Your heirs will never owe more than the home is worth.
Only if you fail to meet the loan requirements.
Living in the home as your primary residence, paying property taxes and insurance, and keeping the home in reasonable condition are the requirements. Meeting them means the lender cannot force you out.
A reverse mortgage requires no monthly payment. A HELOC or home equity loan does.
Both let you access home equity, but a HELOC or home equity loan requires ongoing payments. A reverse mortgage is built for older homeowners who want to reduce their monthly obligations instead.
Yes. Federal law requires it before you can apply.
All HECM borrowers complete a counseling session with a HUD-approved housing counselor. This session is independent of Mountain Country Mortgage and is designed to help you fully understand the loan before committing.
In many cases, yes.
Eligible non-borrowing spouses may be able to remain in the home after the borrowing spouse passes away or moves to a care facility, subject to certain conditions. Your loan officer can walk through the specific protections available.
A reverse mortgage taps equity in a home you already own. Asset Utilization uses outside assets to buy a new one.
If you are staying put and want to access equity, a reverse mortgage fits. If you are purchasing a new home and want your investments or retirement accounts to count as income, Asset Utilization is the better fit.