Reverse mortgages in Peoria
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 Peoria owners, and what that means if you are 62 or older and thinking about staying in your home.
| Measure | Peoria | Arizona | U.S. |
|---|---|---|---|
| Residents 65 and older | 19.6% | 20.6% | 18.9% |
| Owner-occupied homes | 76% | 67.4% | 65.2% |
| Median home value | $463,600 | $394,500 | $332,700 |
| Monthly owner costs, no mortgage | $613 | $525 | $638 |
| Monthly owner costs, with mortgage | $1,958 | $1,803 | $1,963 |
| Median household income | $95,815 | $79,964 | $80,734 |
| Veterans | 11,935 | 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.
What a mortgage payment costs Peoria owners
Census data shows monthly owner costs in Peoria of $1,958 with a mortgage and $613 without one. That gap of $1,345 is a rough look at what a paid-off house is worth to a monthly budget.
A HECM must first pay off any existing mortgage. After that, no monthly mortgage payment is required, though the unpaid interest adds to your balance. It is a trade of monthly cash flow now for less equity later.
Home prices around Peoria
FHFA's House Price Index shows values in the Phoenix metro area up 0.8% over the past year and +35.8% over five years. That compares with +27.4% statewide over five years, so this area has moved faster than Arizona as a whole.
If your home tracked the index, a value of $463,600 today means about $340,000 five years ago. That $120,000 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.
Buying into a 55-plus community with a reverse loan
An owner selling a larger home can use HECM for Purchase instead of paying all cash. You bring the difference from your own funds at closing, the rest comes from the reverse loan, and no monthly mortgage payment is required.
The new home must become your principal residence. Association dues stay your responsibility, and all borrowers on the loan must be at least 62.
Taxes, insurance and upkeep still come first
A reverse loan removes the mortgage payment, not the cost of owning. In Peoria those remaining costs run about $613 a month at the median, and that is before a new roof.
A HECM financial assessment reviews your credit, your record of paying property charges over the prior 24 months, and residual income. It can require a set-aside of funds to cover those charges.
Property tax help in Maricopa County
A smaller fix may do the job for Peoria owners. 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
All borrowers must be 62 or older and live in the home as their principal residence, and you must first meet with a HUD-approved counselor (1-800-569-4287). The loan comes due when the last borrower dies, sells or moves out. Our reverse mortgage guide covers costs, spouses, heirs and how you can receive funds. You can also compare it to a HELOC, or see our full Peoria mortgage page.
More in Arizona: Surprise, Mesa, Chandler, Tempe, Phoenix, Gilbert.
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 Peoria home?
Many Peoria owners can. The tests are your age (62 or older), your equity, your ability to keep up with taxes and insurance, and whether the property meets FHA standards.
Does the HECM limit matter for a Peoria home?
Most are comfortably under it. The 2026 limit is $1,249,125, and the Peoria median is $463,600, so proceeds are driven by your age, the appraisal and rates rather than the cap.
How much have home values risen near Peoria?
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?
The homeowner. A reverse loan does not replace your Maricopa County tax bill, and unpaid taxes can trigger repayment.
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.