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Reverse mortgage Florida

A Florida Reverse Mortgage Lender!

     Since 2003 we’ve helped many Seniors in South Florida get their Reverse Mortgage. Our experienced professionals will meet with you to discuss your options in detail.. Contact us today to learn more!

Call (561) 203-6772 to speak with a local professional!

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Reverse mortgage Florida

Frequently Asked Reverse Mortgage Questions..

What is a Reverse Mortgage?

A Reverse Mortgage is home loan designed for those 62 and older that uses home equity to refinance or purchase a primary residence. The most popular program used today is the HECM Reverse Mortgage insured by the FHA. Unlike other home loans theirs no monthly mortgage payment required and over time the principal owed increases instead of decreases. Only one loan payment is due after you sell, move or otherwise vacate the property. You still must continue to maintain the home, pay property taxes, homeowners insurance, any HOA or condo dues.

Who qualifies for a Reverse Mortgage?

  • At least one borrower must be 62 years of age.
  • The home must be a primary residence and an eligible property type.
  • You must have sufficient equity in your home.
  • You must meet the financial assessment requirement.

Does the bank own my home?

No, the Homeowner actually retains title and ownership of the property. This is a false claim that many initially believe about reverse mortgages. You can decide sell the home or payoff the reverse mortgage at anytime without penalty.

How are Reverse Mortgages different today?

The HECM Reverse Mortgage program is highly regulated by state and federal laws to make them safe and to protect you. Some recent changes and regulations to the program are;

  • You retain title of the home.
  • Fees and cost are federally regulated.
  • No equity share is allowed,  the lender cannot slowly take over your home.
  • Non-borrower spouses are protected and can remain in the home if the borrower passes away as long as loan terms are not broken.
  • New Financial Assessment Requirement looks at income and credit history of each applicant.

Are their restrictions on how loan proceeds are used?

No, the proceeds can be used in any way once the loan is closed. However if a mortgage exists on the home, loan proceeds can first be required for the mortgage payoff, or if a borrower does not pass the financial assessment a (LESA) Life Expetency set aside can be required to pay future property taxes and homeowners insurance on the property to qualify.

How does the repayment process work?

With a reverse mortgage you can make payments at your discretion or payoff the balance at any time. If you decided to sell the home, vacate the property or when the last borrower passes the reverse mortgage becomes due.

You or heirs have 2 options:

  1. Place the home for sale and receive the difference between the sales price and the loan balance. You will not be liable for any shortfall if the loan amount exceeds the sales price. 
  2. Pay off the balance including accrued interest with cash or financing to retain ownership of the home.

*Your loan may also become due if you continue to neglect the terms of the loan. (For example, not paying property taxes and homeowners insurance)

Reverse Mortgage Videos, Blogs & News

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Reverse Mortgage Process

Learn more about how the reverse mortgage process works from A to Z.

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HUD Counseling Session

Information about the required HUD Counseling Certificate and how to schedule.

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Financial Assessment

Information about the new financial assessment requirement for a Reverse Mortgage.

Section 2 content…

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