Offering Reverse Mortgages for Over 20 Years
What is reverse mortgage, what is a reverse mortgage, how does a reverse mortgage work
How does a Reverse Mortgage work, how reverse mortgage, how reverse mortgages
Reverse Mortgage
  • A Reverse Mortgage is a government insured program that enables senior homeowners to convert a percentage of the home's equity into cash, while retaining home ownership.
  • Homeowners who are at least 62 years of age.
  • Properties include: Single Family Homes, Condos, Town Homes 1 to 4 unit dwellings and Manufactured Homes with approved foundation.
  • The home doesn't need to be owned free and clear, but must have enough equity so the proceeds from the reverse mortgage can pay off the outstanding balance.
  • No income or good credit  is necessary to qualify for the program.
  • A homeowner can choose a monthly annuity payment, or opt for a lump sum payment, or a line of credit account from which they can draw money when they need it, or a combination of the three.
  • After the Reverse Mortgage is in place the property always remains in the owners name. Accordingly, they are still responsible for all applicable taxes, insurance, maintenance, and repair.
  • The title of the property always remains in the homeowner's name, never changing ownership.
  • The funds from a Reverse Mortgage may be used in any manner the senior wishes with no restrictions.
  • Income received from a Reverse Mortgage are tax-free, doesn't affect Social Security, Medicare or Medicaid benefits.
  • There are no monthly payments on any of the used money.
  • No out of pocket costs to do a Reverse Mortgage. 
  • All Reverse Mortgage fees and interest are deferred until both seniors move out permanently, sell the home or pass away.  Please call Rex Duffin and he can go over the fees with you.
  • The amount is based on a HUD formula that factors the age of the youngest borrower, interest rate and appraised value.
  • Cash lump sum all at once.  The funds may be used in any manner you wish, with no restrictions.
  • Monthly installments that would be paid to you for the rest of your life.
  • Line of credit that allows you to access cash when you need it.  The unused portion of money will grow at market rate compounded monthly.
  • Combination of the above.
  • All options are tax-free.
  • A Senior Reverse Mortgage is only due when both homeowners pass away, sell the home or choose to vacate the property.
  • The Reverse Mortgage must be repaid from the sale of the home or through other resources.
  • The estate or heirs can keep the property once the Reverse Mortgage is paid.  If the home is sold the remaining equity goes to the estate or heirs.
  • Reverse mortgages are considered a non-recourse loan.  The homeowner never guarantees all money owed will be paid back.  If more is owed on the home than what it can be sold, the government is responsible.

For more information and to see if you qualify for a Reverse Mortgage, please fill out the Request Information form or give Rex a call.  Or Receive a Free Information Packet in the mail.  Thank you.

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Offering Reverse Mortgages for Over 25 Years
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What is a Reverse Mortgage?
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How does a Reverse Mortgage Work?
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A+ Better Business Bureau Rating
Rex Duffin
NMLS # 169138
Sun American Mortgage
4140 E. Baseline Rd. #206
Mesa, AZ 85206

Phone: 602-430-7200

Mortgage Banker License Numbers:
Arizona - BK7548
California - 4130766
New Mexico - 03133
New Reverse Mortgage
Reverse Mortgages for Seniors
Senior Reverse Mortgage