Reverse mortgages in Gilbert
A reverse mortgage works the same in Maricopa County as it does anywhere, but the numbers do not. Below is what the data says about Gilbert owners, and what that means if you are 62 or older and thinking about staying in your home.
| Measure | Gilbert | Arizona | U.S. |
|---|---|---|---|
| Residents 65 and older | 11% | 20.6% | 18.9% |
| Owner-occupied homes | 73.1% | 67.4% | 65.2% |
| Median home value | $575,100 | $394,500 | $332,700 |
| Monthly owner costs, no mortgage | $599 | $525 | $638 |
| Monthly owner costs, with mortgage | $2,174 | $1,803 | $1,963 |
| Median household income | $122,551 | $79,964 | $80,734 |
| Veterans | 12,111 | 452,729 | 16,185,883 |
Monthly owner costs are medians and include taxes, insurance, utilities and any mortgage. The Census reports these up to $4,000.
Paying off the mortgage with a reverse loan in Gilbert
For many retirees, the real job of a HECM is getting rid of an existing payment. In Maricopa County, the median owner with a mortgage spends $2,174 a month on housing, and the median owner without one spends $599.
Your existing loan is paid off at closing from the HECM or your own funds. If the payoff takes up most of the available proceeds, you may have little cash left over, so we run that number first.
Home prices around Gilbert
The latest FHFA reading has the Phoenix metro area at +0.8% year over year. The longer view is +35.8% since 2021. Compared with the +27.4% statewide five-year figure, that is faster than the state.
If your home tracked the index, a value of $575,100 today means about $420,000 five years ago. That $150,000 difference is what makes a reverse loan possible for owners who thought they had little to work with.
With prices moving slowly, do not plan around future gains. Build the plan on what the home is worth today and on how quickly the balance would grow.
The bills that do not go away
Even with no mortgage, Gilbert owners report a median of $599 a month in housing costs. On a HECM you keep paying property taxes, insurance and upkeep. Fall behind and the loan can come due.
Lenders check your payment history and income for this reason. If the numbers are tight, some of your proceeds can be set aside to pay taxes and insurance for you, which reduces your available cash.
A younger city, with long-time owners
Only 11% of Gilbert residents are 65 or older, compared with 20.6% across Arizona. That does not mean reverse loans are rare here. It means the owners who ask usually bought long ago, in a city that has since filled with younger households.
If you are in that group, your best comparison is often against a sale, because younger buyer demand can be a real asset when you decide to move.
Property tax help in Maricopa County
With monthly no-mortgage costs of $599 here, tax relief is worth checking first. Arizona's Senior Property Valuation Protection, often called the senior freeze, locks your home's valuation (not your tax bill) for three years if an owner is 65 or older, you have lived there two years, and average income is under $47,712 for one owner or $59,640 for two or more. Maricopa County handles applications through the county assessor. See the full Arizona reverse mortgage guide.
The rules in brief
Before any Maricopa County application moves forward, you meet with a HUD-approved counselor (1-800-569-4287). Every borrower must be at least 62, and the home has to stay your principal residence, because moving out, selling or the last borrower's death ends the loan. The reverse mortgage guide has the details, and our Gilbert mortgage page and HELOC page cover the alternatives.
More in Arizona: Mesa, Chandler, Tempe, Peoria, Phoenix, Glendale.
Sources: U.S. Census Bureau QuickFacts (American Community Survey 2020-2024, population estimates July 2025). FHFA House Price Index, 2026 Q2. HUD 2026 HECM limit.
Common questions
Can I get a reverse mortgage on my Gilbert home?
If every borrower is 62 or older, the home in Maricopa County is your principal residence, you have enough equity, and you pass the HUD counseling and financial assessment, generally yes. The property must meet FHA standards.
Does the HECM limit matter for a Gilbert home?
Most are comfortably under it. The 2026 limit is $1,249,125, and the Gilbert median is $575,100, so proceeds are driven by your age, the appraisal and rates rather than the cap.
How much have home values risen near Gilbert?
FHFA shows Phoenix metro at +0.8% over one year and +35.8% over five years as of the second quarter of 2026.
Who still pays the Maricopa County property tax bill?
You do. On a reverse mortgage you keep paying property taxes, insurance and upkeep. If you do not, the loan can become due.
Bayview Residential is a mortgage broker and is not affiliated with HUD or FHA. A reverse mortgage is a loan that must be repaid, and the balance grows over time. You must keep paying property taxes, insurance and home maintenance, and live in the home as your principal residence. All loans are subject to eligibility and approval. This page is general information and not legal, tax or benefits advice.