Reverse mortgages in Phoenix
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 Phoenix owners, and what that means if you are 62 or older and thinking about staying in your home.
| Measure | Phoenix | Arizona | U.S. |
|---|---|---|---|
| Residents 65 and older | 12.2% | 20.6% | 18.9% |
| Owner-occupied homes | 57.3% | 67.4% | 65.2% |
| Median home value | $420,700 | $394,500 | $332,700 |
| Monthly owner costs, no mortgage | $559 | $525 | $638 |
| Monthly owner costs, with mortgage | $1,847 | $1,803 | $1,963 |
| Median household income | $81,332 | $79,964 | $80,734 |
| Veterans | 64,689 | 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.
The monthly budget math in Phoenix
Phoenix owners with a mortgage report median monthly costs of $1,847. Those without one report $559. For a retiree still paying a mortgage, the difference of $1,288 can decide whether staying in the home works.
If that is your situation, the HECM question is simple: can the loan pay off your mortgage, and is what is left enough to live on? The required financial assessment asks nearly the same thing.
Fewer seniors than the state average
The 12.2% share of residents 65 or older in Phoenix sits well under the 20.6% statewide figure. Still, that is about 203,000 residents, and many have a decade or more of equity behind them.
Because many in this group are at the younger end of eligibility, timing matters. Waiting generally raises the share of value you can access, while a credit line opened early can have time to grow.
Home prices around Phoenix
Over the past five years, the Phoenix metro area has seen home values move +35.8%, according to FHFA, with +0.8% in the latest year. Arizona as a whole moved +27.4% over the same five years.
Applied to the $420,700 Census median, that five-year change works out to roughly $110,000 of value, on a home that would have been about $310,000 back then. Your own home may have done better or worse.
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.
What a Maricopa County reverse loan does not cover
Your property tax, insurance, HOA dues and repairs stay your responsibility. Phoenix owners without a mortgage report about $559 a month for those kinds of costs and utilities.
Missing them is the most common way a reverse loan goes wrong, so build in a reserve. A home that sits in disrepair can also cause problems, because you agree to keep it maintained.
Property tax help in Maricopa County
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 Phoenix mortgage page.
More in Arizona: Chandler, Mesa, Tempe, Scottsdale, Glendale, Peoria.
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 Phoenix home?
Many Phoenix 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 Phoenix home?
Most are comfortably under it. The 2026 limit is $1,249,125, and the Phoenix median is $420,700, so proceeds are driven by your age, the appraisal and rates rather than the cap.
How much have home values risen near Phoenix?
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?
It stays with you. If the assessment shows a risk, a lender may set aside loan funds to pay it, which lowers the cash you can draw.
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.