Melanie Sedam, Reverse Mortgage
A recent survey, using public records, was conducted by a major Title Company here in Arizona looking to find out how many homeowners in the 55+ communities owned their home free and clear i.e. had no current mortgage payment. The results were startlingly low.
Here are the results:
Sun City West out of 18,218 homes only 1139 homes were owned free and clear; 6.25% of homeowners had no mortgage.
Sun City Grand out of 9,802 homes only 985 homes were owned free and clear; 10.05% of homeowners had no mortgage.
Sun Lakes out of 8,218 homes only 429 homes were owned free and clear; 5.22% of homeowners had no mortgage.
Robson Ranch out of 5,585 homes only 98 homes were owned free and clear; 1.75% of homeowners had no mortgage.
SaddleBrooke Ranch out of 1200 homes only 60 homes were owned free and clear; 5.00% of homeowners had no mortgage.
SaddleBrooke out of 4589 homes only 537 homes were owned free and clear; 11.70% of homeowners had not mortgage. The second highest percentage of the surveyed 55+ communities in Arizona.
Quail Creek out of 4,000 homes only 904 homes were owned free and clear; 22.60%. The highest percentage of the surveyed 55+ communities in Arizona.
PebbleCreek out of 6,200 homes only 303 homes were owned free and clear; 4.89%.
Encanterra out of 2400 homes only 174 homes were owned free and clear; 7.25%. The third highest percentage of the surveyed 55+ communities in Arizona.
Please note the home numbers were pulled from 55+communities.com and may not be as accurate but the percentage gained and compared from those numbers in whole is fairly accurate and is much lower than what was originally thought to be. Anticipated numbers were in the 25%+ range and that simply isn’t true. This means that seniors in this survey are carrying a greater “debt load” than what was originally thought.
What does this mean for the inhabitants of these communities, i.e. what is better no mortgage at all or no mortgage payment? The financial experts tell us that no mortgage payment in today’s world means better financial stability through the years of retirement. Though you may have a mortgage there is a way to achieve this goal and that is through a HECM Mortgage of what is more commonly known as a Reverse Mortgage. It is a unique opportunity for seniors to afford a better life for themselves and is government sponsored loan program through HUD.
Should you wish to know more about Reverse Mortgages simply email or call Melanie Sedam from ReverseMortgage62AZ.com and she will mail you out a brochure about Reverse Mortgages and answer any questions you may have about a life without a mortgage payment. She can be reached at 866-549-3900, 520-829-5219, or [email protected].