Reverse mortgages in Scottsdale
If you own a home in Scottsdale and are 62 or older, a HECM reverse mortgage can turn part of your equity into cash without a monthly mortgage payment. Whether it makes sense here comes down to a few local facts, starting with who lives here and what homes are worth.
| Measure | Scottsdale | Arizona | U.S. |
|---|---|---|---|
| Residents 65 and older | 26.4% | 20.6% | 18.9% |
| Owner-occupied homes | 67% | 67.4% | 65.2% |
| Median home value | $789,800 | $394,500 | $332,700 |
| Monthly owner costs, no mortgage | $772 | $525 | $638 |
| Monthly owner costs, with mortgage | $2,577 | $1,803 | $1,963 |
| Median household income | $110,886 | $79,964 | $80,734 |
| Veterans | 11,222 | 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.
Scottsdale is older than Arizona as a whole
Census figures put 26.4% of Scottsdale residents at 65 or older, against 20.6% statewide and 18.9% nationally. In practice that means about 64,000 residents, and many are long-time owners deciding whether to stay put.
Staying in the home is only a plan if the budget holds up over a long retirement. A HECM can help with that, but it spends equity to do so, so we start with how long you expect to stay.
If your Scottsdale home is a condo
Condos can qualify for a HECM, but the building is reviewed along with you. It needs FHA approval or a single-unit approval, and association finances, insurance and any lawsuits can matter.
Non-FHA reverse products exist for some condos that fail the project review, but their rules vary by state. We check FHA eligibility first.
Home prices around Scottsdale
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.
To put that in dollars: a $789,800 home that tracked the index would have been worth about $580,000 five years ago, roughly $210,000 less. An index is an average and your home may differ, but this is the equity that a reverse loan draws on.
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 Scottsdale those remaining costs run about $772 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
With monthly no-mortgage costs of $772 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
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 Scottsdale mortgage page.
More in Arizona: Surprise, Tempe, Glendale, Mesa, Peoria, 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 Scottsdale 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 Scottsdale home?
Most are comfortably under it. The 2026 limit is $1,249,125, and the Scottsdale median is $789,800, so proceeds are driven by your age, the appraisal and rates rather than the cap.
How much have home values risen near Scottsdale?
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.