Reverse mortgages (also called home equity conversion loans) enable elderly homeowners to tap into their equity without selling their home. The lender pays you money based on the equity you’ve accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender.
Most reverse mortgages require you be at least 62 years of age, have a low or zero balance owed against your home and maintain the property as your principal residence.
Benefits of a Reverse Mortgage are:
- Use your home to supplement your retirement income
- No monthly mortgage payment required
- Use cash any way you choose
- Cash is Tax Free (Consult your Tax Advisor)
- Continue to own your home—never lose title
- No income or asset qualification
- No credit qualification
- Mortgage rating is not an issue
- FHA/HUD insured
- Will not affect Medicare
- Non-Recourse loan—no outstanding debt will be passed down to your heirs or estate upon your passing
- No fees to inquire or apply
Florida reverse mortgage loans are very flexible. You may go from a monthly payment to a large lump sum if you wish. These changes can be made at any time, even multiple times if you need.
A very simple loan that many seniors can benefit in today’s economy. If you have ANY Questions about a reverse mortgage in Florida please don’t hesitate to contact us. We can help answer your questions.