It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Florida, don't hesitate to contact one of our specialists at any time.If you're at least 62 and currently residing in Florida, you may want to consider a reverse mortgage. Florida residents like you are using their reverse mortgages to pay back medical debts, complete home restorations, and live without the financial burden of making required monthly mortgage payments.* With a reverse mortgage, you are not required to repay the loan until the loan becomes due and payable. The loan generally becomes due and payable if you (or an eligible non-borrowing spouse during a deferral period) move, sell the property, or pass away. You remain the owner of the home and you (or an eligible non-borrowing spouse during a deferral period) must continue to pay property taxes, insurance fees, and home maintenance costs.
Why Apply for a Reverse Mortgage?There are a multitude of reasons Florida residents should contemplate getting a reverse mortgage, or HECM, but ultimately it comes down to two elements: financial security and quality of life. Living on a limited budget can be stressful. Many seniors who are 62 and older are living with this financial pressure while their home equity remains untouched. A reverse mortgage allows borrowers to use their home's equity to obtain a loan and receive funds from a line of credit, monthly disbursements, a lump sum payment, or a combination of payment plans. Also known as a home equity conversion mortgage (HECM), a reverse mortgage can be used to pay your outstanding mortgage and other expenses, with any remaining money available for you to use however you like.
Reverse Mortgage PossibilitiesFlorida residents can choose from different types of HECMs, which are all insured by the Federal Housing Administration (FHA). Fixed rate HECMs allows you to receive the available loan proceeds as a lump sum disbursement once the loan closes, and loan interest rates are locked into the rate at the time of closing. Adjustable rate HECMs allows you to receive the available loan proceeds from a line of credit, monthly payments, or a combination of payment plans. HECMs for purchase, available as fixed rate or adjustable rate loans, make it possible for seniors to purchase a home with no required monthly payments, giving borrowers the option to purchase a primary residence that is suited to their needs or closer to family. Keep in mind that homeowners are still required to pay insurance and taxes and maintain the property.
Finding Reverse Mortgage Specialists in FloridaIf you have any inquiries about applying for a reverse mortgage in Florida, please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property and pay homeowners insurance and property taxes to avoid foreclosure.