FHA and HECM Reverse Mortgage Scottsdale AZ | Blake Mortgage
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Reverse Mortgage

Home | Loan Options |Reverse Mortgage

We’re your Trusted Partner for residential and commercial mortgage

Phone: 480-699-1055 |
Email: harry@blakemortgage.com

What is a Reverse Mortgage?

A loan for seniors age 62 and older
Converts a portion of home equity into cash with no monthly mortgage payments*
Majority of reverse mortgages are HECMs (Home Equity Conversion Mortgage, a federally insured program)

*Taxes and insurance must still be paid on time. Any costs to keep up property maintenance must still be paid. Failing to meet these requirements can lead to default.

Do you have a question about our process of getting a new home purchase loan? Learn more below, or feel free to contact us. We look forward to hearing from you!

How Does it Work?

  • You must live in home as your principal residence.
  • No repayment of the mortgage is required until you permanently move out, sell the home, or pass away.
  • You are required to continue paying property taxes and insurance and maintain the home according to FHA guidelines.


  • No monthly mortgage payments*
  • Non-recourse loan –you’ll never owe more than what home is worth
  • Leverage crucial retirement cash liquidity
  • No limitations on how you use funds
  • No pre-pay penalty
  • You must live in the home as your main residence.


  • Be 62 years of age or older
  • Own the property outright or have considerable equity
  • Occupy the property as your principal residence
  • Not be delinquent on any federal debt
  • Participate in a consumer information session from HUD

Is a Reverse Mortgage Right for Me?

Things to Consider

  • Prepare for counseling meeting. Schedule a time now!
  • Continue keeping property taxes and homeowners insurance current
  • Home value, owner age(s), and current interest rate determine eligible amount to borrow

Non-Recourse Loan

  • The HECM is insured through FHA and is a non-recourse loan.
  • The homeowner or their heirs will never be asked to pay back more than the value of the home, even if the debt has grown to be greater than the value.*
  • *If the heirs choose to keep the home, they will need to pay off the loan at 95% of the fair market value of the home, as determined by a third-party appraiser.