Dollars and Sense: The Paseo Financial Group Mortgage vs. no mortgage

A recent survey, using public records, was conducted by a major title company looking to determine how many homeowners in the 55+ communities owned their home free and clear and had no current mortgage payment. The results were startlingly low.

Here are the results:

Sun City West: Out of 18,218 homes, only 1,139 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 more than 2,000 homes, only 98 homes were owned free and clear. 4.90% of homeowners had no mortgage.

SaddleBrooke Ranch: Out of more than 1,000 homes, only 60 homes were owned free and clear. 6% of homeowners had no mortgage.

SaddleBrooke: Out of 4,589 homes, only 537 homes were owned free and clear. 11.70% of homeowners had no 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% of homeowners had no mortgage. This was 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% of homeowners had no mortgage.

Encanterra: Out of 2,400 homes, only 174 homes were owned free and clear. 7.25% of homeowners had no mortgage. This was the third highest percentage of the surveyed 55+ communities in Arizona.

These home numbers were pulled from the website 55+communities.com and may not be as accurate, but these percentages seem to be fairly accurate and is much lower than what was thought to be, as anticipated numbers were in the 25%+ range, which 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? What is better than not having a mortgage? 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 through a home equity conversion mortgage (HECM)—more commonly known as a reverse mortgage. This is a unique opportunity for seniors to afford a better life for themselves and is a government-sponsored loan program through the United States Department of Housing and Urban Development.

If you’d like to learn about reverse mortgages, simply contact Melanie Sedam at 866-549-3900, 520-829-5219, or [email protected] and she will send you a brochure about reverse mortgages or answer any questions you have about a life without a mortgage payment.

You can learn more about reverse mortgages at www.ReverseMortgage62AZ.com.