A recent survey, using public records, was conducted by a major title company here in Arizona to determine how many homeowners in the 55+ communities owned their home free and clear with no current mortgage payments. The results were startlingly low.
Sun City West: Out of 18,218 homes, only 1139 homes (6.25%) were owned free and clear.
Sun City Grand: Out of 9,802 homes, only 985 homes (10.05%) were owned free and clear.
Sun Lakes: Out of 8,218 homes, only 429 homes (5.22%) were owned free and clear.
Robson Ranch: Out of more than 2000 homes, only 98 homes (4.90%) were owned free and clear.
SaddleBrooke Ranch: Out of more than 1000 homes, only 60 homes (6%) were owned free and clear.
SaddleBrooke: Out of 4,589 homes, only 537 homes (11.70%) were owned free and clear—the second highest percentage of the surveyed 55+ communities in Arizona.
Quail Creek: Out of 4,000 homes, only 904 homes (22.60%) were owned free and clear—the highest percentage of the surveyed 55+ communities in Arizona.
PebbleCreek: Out of 6,200 homes, only 303 homes (4.89%) were owned free and clear.
Encanterra: Out of 2400 homes, only 174 homes (7.25%) were owned free and clear—the third highest percentage of the surveyed 55+ communities in Arizona.
Please note that the home numbers were pulled from 55+communities.com and may not be 100% accurate, but the overall percentages are fairly reliable and much lower than what the title company thought they would be. It anticipated numbers in the 25% or higher range, but that simply isn’t true. The survey results point to seniors in this survey carrying a greater “debt load” than what was originally thought.
What does this mean for the retirees in these communities? Financial experts believe that a paid-off mortgage 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. A HECM is government-sponsored loan program offered through the Housing and Urban Development Department (HUD) that offers a unique opportunity for seniors to afford a better life for themselves.
If you’d like to learn more about reverse mortgages, contact Melanie Sedam at 520-829-5219 (toll free 866-549-3900) or Melanie@ReverseMortgage62AZ.com, and she will mail you a brochure about HECMs and answer any questions you may have about a life without a mortgage payment.
Watch and learn about reverse mortgages at www.ReverseMortgage62AZ.com.