Tucson is the county seat of Pima County and the second largest city in Arizona. It is known as the fastest growing retirement community in United States because of its warm temperature, beautiful scenery, delectable food, and spacious . Like Phoenix and any other neighboring cities, Tucson is also blessed with ample sunshine since it has almost 300 sunny days a year.
Tourism is a major industry in Tucson, bringing in $2 billion per year and over 3.5 million visitors annually. It owes its steady influx of tourists to its beautiful geographic formations and beautiful scenery. The place is on an alluvial plain in the Sonoran Desert and is surrounded by five minor mountain ranges which highlight the great desert skies and sunsets. Not only that, the area also has numerous resorts, hotels, and attractions including the Tucson Gem and Mineral Show. There are also plenty of options to choose from in terms of scenic parks and other natural attractions. Visitors can drop by the Arizona-Sonora Desert Museum, Tohono Chul Park, Tucson Botanical Gardens, and Biosphere 2. They can also take a day hike around scenic Sabino Canyon and Pusch Ridge or wander the near Saguaro National Monument.
Tucson is also well-known for the “Saguaro cactus,” a monolithic, sub-tropical plant that can be seen along desert roads and nestled at the base of the city’s hillsides and mountains. The Saguaro cactus became an icon of the American West and a symbol of Tucson, as seen in the Saguaro National Monument.
Tucson’s local delicacy is popular for its Mexican Food.– There are countless taco stands, carts, Mexican eateries throughout the city, serving everything from casual Sonoran-style grub to authentic Mexico-style street fare.
Tucson is the second most populous city in Arizona. Of the 539,216 people that call Tucson home, there are approximately 76,182 residents (13.9%) who are 65 years old and above. Around 50% of these senior citizens own their current residence and may therefore be eligible for reverse mortgage loans.
On average, homeowners in Tucson with a traditional monthly mortgage make monthly payments of $1,159, according to US Census Bureau. Eligible borrowers can easily avoid these monthly payments if they deal with a Tucson reverse mortgage lender instead of a traditional mortgage lender. In fact, even if you already have a traditional mortgage, you can still make a deal with a Tucson reverse mortgage lender, provided that you use the proceeds of the reverse mortgage loan to first pay off the remaining balance of the traditional mortgage.
Moreover, the average owner-occupied home in Tucson is valued at $146,500, which is 28.5% less expensive than the average US home value of $204,900. This means that eligible borrowers for a reverse mortgage need not worry about the HECM lending limit that is currently set at $765,600.
Eligible borrowers whose home value is below the HECM lending limit that we, as a Tucson reverse mortgage lender must observe, can fully enjoy the benefits of an HECM loan. While those fortunate enough to have homes valued above the HECM lending limit may tap into more of their home equity if they choose to get a jumbo reverse mortgage instead.
Whatever reverse mortgage program you are most interested in, however, South River Mortgage can definitely help you get the best deal on your reverse mortgage so that you can live comfortably and securely throughout your retirement years.