The most affluent large city in Arizona, Scottsdale is a year-round destination known for its luxurious desert resorts and spas, upscale restaurants and nightclubs, high-end shopping, and magnificent art galleries. The wide variety of attractions easily makes Scottsdale a popular vacation spot for both the young and the retirees.

The city is loosely divided into four areas: (1) South Scottsdale (McKellips Road north to Thomas Road); (2) Old Town Scottsdale (aka Downtown Scottsdale); (3) Central Scottsdale (aka Shea Corridor); and (4) North Scottsdale. Each area has its unique vibe that draws a multitude of people from different countries. For example, in North Scottsdale, visitors can experience world-class golf courses like TPC Scottsdale, Troon North, and Grayhawk, as well as scenic tourist spots like Pinnacle Peak Park and McDowell Mountain Regional Park.

Scottsdale is also home to more than a hundred art galleries and museums, including the Western Spirit: Scottsdale’s Museum of the West and the Scottsdale Museum of Contemporary Art. For more than 30 years, Scottsdale’s Art District has hosted one of the nation’s oldest art walks, wherein visitors can see an array of works created by international and local artists. This weekly activity allows visitors to mingle with gallery owners, artists, professional dealers, and other art aficionados.

Moreover, Scottsdale regularly hosts major events that include the Waste Management Phoenix Open Golf Tournament at TPC Scottsdale and the esteemed Barrett-Jackson car auction.

Even if visitors do not get a chance to witness or participate in these major events, they can still have a great time visiting Scottsdale’s numerous upscale restaurants and nightclubs. The city is home to over 600 restaurants, as well as the award-winning Le Cordon Bleu Culinary Institute that regularly produces many of Arizona’s popular chefs and food-industry professionals.

Scottsdale is ranked as the fifth most populous city in Arizona with 258,069 residents as of 2019, with approximately 23% or 60,388 residents aged 65 years and above, and 65% or 167,745 residents owning the house that they are currently occupying. With that said, a significant portion of residents could be eligible to contract a loan with a Scottsdale reverse mortgage lender.

According to the US Census Bureau, owner-occupied homes in Scottsdale have an average value of $455,900, and homeowners with traditional mortgages spend an average of $2,123 per month on ownership-related costs, such as mortgage payments, insurance, and taxes. To avoid a significant portion of these costs, eligible borrowers could forego their traditional mortgages and deal with a Scottsdale reverse mortgage lender instead. Moreover, considering the value of the average home in Scottsdale, many of these eligible borrowers do not even have to worry about the HECM lending limit of $765,600, which Scottsdale reverse mortgage lenders are bound to observe. This makes standard HECM loans a viable option for most eligible borrowers. However, for borrowers fortunate enough to have homes valued above the average, they can opt for a jumbo reverse mortgage instead if they want to make full use of their home equity. On the other hand, for borrowers who want to downsize during their retirement years, they can also consider getting an HECM for Purchase.

Whatever reverse mortgage program you are most interested in, however, South River Mortgage can definitely help you get the best deal for your home so that you can live comfortably and securely throughout your retirement years.