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Best Reverse Mortgage Lenders in Tucson, AZ

Aug. 15, 2019, 8:17 p.m.

A reverse mortgage is a financial agreement in which a homeowner gives up home equity in exchange for a lump sum or monthly payments from a lender. Reverse mortgage borrowers can use the funds flexibly and don’t make payments as long as they live at the home. Our partners at ConsumerAffairs researched the best reverse mortgage lenders in Tucson to help you decide whether to apply.

Everyone deserves to make thoughtful, informed purchase decisions. The local guides provided on this website are free for consumers. KGUN9 may receive compensation from our partners. Learn more.

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#1
MOST POPULAR
Finance of America Reverse

Unlock your home's equity!

VISIT WEBSITE
CALL FINANCE OF AMERICA REVERSE
(855) 622-6838
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#1 MOST POPULAR
Finance of America Reverse
Finance of America Reverse
Features
  • Offering jumbo reverse mortgages up to $4 million
  • Multiple ways to receive funds
  • 15 years of experience
  • Available in Tucson
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VISIT WEBSITE
CALL FINANCE OF AMERICA REVERSE
(855) 622-6838
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#2
Liberty Home Equity Solutions
Liberty Home Equity Solutions
Features
  • Personalized service for each client
  • A+ rating from BBB
  • Over 60,000 clients since 2004
  • Available in Tucson
Read More
VISIT WEBSITE
CALL LIBERTY HOME EQUITY SOLUTIONS
(866) 268-5369
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#3
Guild Mortgage
Guild Mortgage
Features
  • Personalized service for individual needs
  • Loans typically closed in less than 30 days
  • BBB "A" rating
  • Over 57 years in business
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Location
1825 E. River Rd., Ste. 201
Tucson, AZ 85718
(520) 284-7555
#4
Peoples Mortgage Company
Peoples Mortgage Company
Features
  • Follow mortgage progress online
  • Simple, straightforward process
  • 20 years serving Arizona
  • BBB A+ rating
Read More
Location
1610 E. River Rd., Ste. 118
Tucson, AZ 85718
(520) 327-7600
Sunstreet Mortgage
Sunstreet Mortgage
Features
  • M-F: 8am - 5pm
  • Closed Sat and Sun
  • sunstreetmortgage.com
Location
1725 E. Skyline Dr.
Tucson, AZ 85718
(888) 634-6399
V.I.P. Mortgage
V.I.P. Mortgage
Features
  • M-F: 8am - 5pm
  • Closed Sat and Sun
  • vipmtginc.com
Location
5401 N. Oracle Rd.
Tucson, AZ 85704
(800) 680-8799
NOVA Home Loans
NOVA Home Loans
Features
  • M-F: 9am - 5pm
  • Closed Sat and Sun
  • novahomeloans.com
Location
1650 E. River Rd., Ste. 108
Tucson, AZ 85718
(800) 955-9125

How to choose a reverse mortgage lender in Tucson

Tucson Skyline

Tucson’s popularity among seniors and its rising property values make many homeowners eligible for a reverse mortgage. Two of the main qualifications for a reverse mortgage are being at least 62 and owing nothing — or very little — on your home. Nearly 14 percent of Tucson residents are 65 or older, and the median home price, about $185,000, has been appreciating.

A reverse mortgage is not the same as a home equity loan. The main difference is the borrower does not make regular payments to pay back the lender. Instead, the loan is not due until the borrower dies or moves out of the home. Reverse mortgages in Tucson help seniors pay bills, cover monthly expenses, remodel homes, start a new investment strategy or pay for long-term care.

The most popular kind of reverse mortgage is a Home Equity Conversion Mortgage. HECMs are popular because they are government-insured and offer different ways to receive funds, like monthly payments, a lump sum or a line of credit.

Type of reverse mortgage Insurer Features Use of funds
Home Equity Conversion Mortgage (HECM) U.S. Department of Housing and Urban Development Options for receiving funds; guidance from HECM counselor Any purpose
Proprietary reverse mortgage Private company Loans can exceed federal limits; funds usually available only as lump sum at closing Any purpose
Single-purpose reverse mortgage State and local government agency or nonprofit Most applicants with low or moderate income can qualify Single purpose, specified by lender

When you apply for a reverse mortgage in Tucson, the lender will verify that you can uphold certain financial obligations, such as paying property taxes and insurance. A HECM requires that you participate in an information session with an approved counselor.

Keep in mind that there are costs associated with reverse mortgages in Tucson, such as mortgage insurance premiums, third-party charges, an origination fee, interest and servicing fees. There are also potential effects on estate planning, since many loans are repaid after the borrower’s death. For this reason, many reverse mortgage applicants involve family members in the decision-making process.

Finance of America Reverse

Finance of America Reverse

CALL FINANCE OF AMERICA REVERSE

(855) 622-6838 VISIT FINANCE OF AMERICA REVERSE

Finance of America Reverse is one of the leading reverse mortgage lenders in the country. Products for customers include Home Equity Conversion Mortgages, a HomeSafe jumbo reverse mortgage and “Reverse for Purchase” loans. Reviewers say FAR makes the process of applying for a reverse mortgage simple and straightforward and praise the company for helping them strengthen financial security during retirement. FAR is rated A+ by the Better Business Bureau.

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Liberty Home Equity Solutions

Liberty Home Equity Solutions

CALL LIBERTY HOME EQUITY SOLUTIONS

(866) 268-5369 VISIT LIBERTY HOME EQUITY SOLUTIONS

Liberty Home Equity Solutions is one of the largest lenders of Home Equity Conversion Mortgages in the U.S. The company has funded $7.5 billion in loans to over 60,000 borrowers. Customers who visit the website can use a free eligibility calculator and get a reverse mortgage guide. According to reviews, Liberty Home Equity Solutions representatives are helpful and knowledgeable. The company has an A+ rating with the Better Business Bureau.

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Guild Mortgage

Guild Mortgage

Guild Mortgage has a number of different branches in the Tucson area to help residents with reverse mortgages. The company has 56 years of experience in home lending and prides itself on keeping customers informed at each step of the lending process. Many customers give Guild Mortgage five stars for its outstanding customer service and patience with clients. Guild Mortgage has an A rating with the Better Business Bureau.

Peoples Mortgage Company

Peoples Mortgage Company

Peoples Mortgage Company started in Arizona in 1998 and has grown to become a nationally competitive lender with superior service. Tucson residents looking at a reverse mortgage can visit one of several different area locations and get any questions answered. Reviewers say Peoples Mortgage Company loan officers are professional and courteous and recommend the company to others. Peoples Mortgage Company has an A+ rating with the Better Business Bureau.

Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.

Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.