Reverse Mortgage Information for Tucson Seniors
Understanding Your Options with a Local Reverse Mortgage Specialist
If you're a senior living in Tucson and have seen those reverse mortgage commercials on TV, you might be wondering what they're really all about. You're not alone—and you've come to the right place.
We created this page to give you clear, honest answers about reverse mortgages and what they could mean for your retirement. And remember—there's no such thing as a silly question. We're here to guide you.
Proudly Serving Seniors Across Arizona
Whether you're enjoying retirement in the heart of Tucson, a quiet community like Sierra Vista or Kingman, or the scenic White Mountains or Sedona—our team is here to help. Arizona is a diverse state, and we understand the unique needs of seniors from every corner of it.
Why Work with a Reverse Mortgage Specialist?
A reverse mortgage is an important financial decision, and working with a local expert can make all the difference. Our team at Patriot Pacific Financial Corp has deep experience with the HECM (Home Equity Conversion Mortgage) program. We specialize in helping Arizona seniors explore the benefits, understand the responsibilities, and determine if a reverse mortgage fits their long-term goals.
Get the Answers You Need
We've put together a helpful FAQ section that addresses the most common questions seniors ask about reverse mortgages. It's a great starting point to understand how the process works and what to expect.
Still have questions? Ready to take the next step? Give us a call today—we're local, we're experienced, and we're here for you. (520) 303-5620
Brian Bailey, CRMP
Reverse Mortgage Frequently Asked Questions
Top 10 Questions Tucson Seniors Ask About Reverse Mortgages
Are you a Tucson homeowner over 62 wondering if a reverse mortgage is right for you? You're not alone. Many Arizona seniors want clarity before unlocking their home equity. Here are the top questions people ask — with clear answers you can trust.
A reverse mortgage is a special type of loan for seniors 62 and older. Instead of making monthly payments, you receive money from your lender based on your home’s equity. You stay in your home, and repayment doesn’t happen until you move out, sell, or pass away.
To qualify, you must:
The loan amount is based on:
Yes, the title stays in your name. The lender places a lien on your property, similar to a regular mortgage. As long as you follow the loan terms — live in the home, maintain it, and pay required taxes — you stay in full control.
Reverse mortgage funds do not affect Social Security or Medicare. However, if you receive needs-based benefits like Medicaid or Supplemental Security Income (SSI), those programs might be impacted. It’s best to speak with a benefits advisor or financial planner before applying.
No monthly mortgage payments are required. But you must:
Once you no longer live in the home, the loan comes due. Your heirs can:
- Pay off the loan and keep the home
- Sell the home and keep any leftover equity
- Let the lender sell it if they choose not to keep it
Yes. Seniors in Tucson often use a HECM for Purchase to downsize or move closer to family. This loan helps you buy a new home without taking on monthly mortgage payments. It’s ideal if you want to relocate without dipping into retirement savings.
Yes, like all mortgages, reverse mortgages have fees. These may include:
- Origination fee
- FHA mortgage insurance
- Title and escrow charges
- Home appraisal
It depends on your situation. A reverse mortgage may be a great fit if:
- You plan to stay in your home long-term
- You want extra income for retirement
- You don’t want monthly mortgage payments
*These FAQs are not from HUD or FHA and have not been approved by HUD, FHA or any federal government.
If you think you are ready to start the process on getting approved for a reverse mortgage, then please give my team and I a call. We are here to help guide you through the process.