Reverse Mortgage Lender in Scottsdale, Arizona
Explore whether a reverse mortgage could support your retirement goals with Mark Boeck and New American Funding. Get straightforward answers about eligibility, costs, responsibilities and the options available for your Arizona home.
- Scottsdale office
- NMLS #107448
- New American Funding
Reverse mortgage options for Scottsdale homeowners
A reverse mortgage is a home loan that allows an eligible homeowner to access part of the equity in a primary residence. A Home Equity Conversion Mortgage, or HECM, is the most common type and is insured by the Federal Housing Administration.
Unlike a traditional mortgage, a HECM generally does not require monthly principal-and-interest payments while the loan requirements are met. Interest and fees are added to the loan balance over time. The homeowner keeps title to the home and must continue to occupy it as a primary residence, pay property taxes and homeowners insurance, maintain the property and meet the other loan terms.
The right option depends on more than home value. Age, existing mortgage balance, interest rates, property eligibility, financial assessment and the way proceeds are received can all affect the amount available. Mark can help you understand those moving parts before you decide whether to continue.
Work with Mark Boeck
Mark Boeck is a Retirement Mortgage Advisor with more than 25 years of mortgage-lending experience. From the Scottsdale office, he helps Arizona homeowners compare reverse mortgage options, understand program requirements and prepare for independent HECM counseling.
Mark Boeck: NMLS #107448 · DRE #01845041 · New American Funding.
Clear answers before a decision
A useful review should explain estimated proceeds, interest, fees, payment-plan choices, property charges, repayment events and alternatives. Bring your questions and take the time you need.
Email Mark or call 503-913-2350.
Ways a reverse mortgage may help
Who may qualify for a HECM?
- HECM borrowers must generally be age 62 or older.
- The home is the borrower’s principal residence and meets property requirements.
- The borrower owns the home outright or has sufficient equity to pay required obligations.
- The borrower completes a financial assessment and HUD-approved counseling.
- The borrower can continue paying property taxes, homeowners insurance and applicable charges.
Important borrower responsibilities
A reverse mortgage is still a loan secured by the home. The balance generally grows as interest and fees are added. The loan can become due when the last borrower sells the home, permanently leaves it, dies or does not meet the loan obligations.
A clear, four-step review
- Share your goal.Tell Mark whether you want to access equity, address an existing mortgage or purchase a new home.
- Review your property and eligibility.Discuss the home, current balance, occupancy, age and financial-assessment requirements.
- Compare available options.Review estimated proceeds, payment plans, costs, rates and responsibilities without pressure to proceed.
- Complete independent counseling.HECM borrowers must meet with a HUD-approved counselor before the loan can move forward.
Scottsdale reverse mortgage questions
Do I give up ownership of my home?
No. With a HECM, the title remains in the homeowner’s name. The loan is secured by the home, and the borrower must continue to meet the occupancy, tax, insurance, maintenance and other loan requirements.
How much equity could I access?
The amount depends on factors including borrower age, the home’s appraised value, current interest rates, program limits, existing liens and the selected payment plan. An options review can provide a more useful estimate.
Can I use a reverse mortgage to buy a Scottsdale home?
Potentially. HECM for Purchase allows eligible buyers to combine a reverse mortgage with their own funds to purchase a new principal residence, subject to FHA and lender requirements.
Are there still monthly housing costs?
Yes. Although monthly principal-and-interest payments are generally not required on a HECM, borrowers remain responsible for property taxes, homeowners insurance, maintenance and any applicable homeowners-association charges.
Is reverse mortgage counseling required?
Yes for a HECM. Counseling must be completed with a HUD-approved housing counselor so the homeowner can review the loan, alternatives, costs and responsibilities independently.
Independent information for homeowners
Before choosing any reverse mortgage, compare alternatives and make sure you understand how the balance, costs and borrower responsibilities work.
Talk through your Scottsdale reverse mortgage options
Start with a personalized review of your goals and property. Submitting a request does not obligate you to proceed with a loan.
This page provides general educational information and is not a commitment to lend, loan approval, tax advice or legal advice. Reverse mortgage eligibility, costs and available proceeds depend on the borrower, property and program. Consult appropriate financial, tax and legal professionals about your circumstances.