Florida Reverse Mortgage Lender
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Learn More about how reverse mortgages work!
About Reverse Mortgages
To apply for a reverse mortgage you must be at least 62 years old or older. The most popular type of reverse mortgage is known as the Home Equity Conversion Mortgage (HECM), a Federal Housing Administration (FHA) loan regulated by the Department of Housing and Urban Development (HUD).
Reverse mortgages can be used to convert a portion of your home’s equity into a line of credit, payments or a lump sum draw. If you currently have an existing mortgage, you may qualify to pay off your existing mortgage into a reverse mortgage. Although no monthly mortgage payments are required, you are required to maintain the home and keep property taxes, homeowners insurance and any HOA or Condo dues current.
Who’s eligible for a reverse mortgage?
To be eligible for a Reverse Mortgage;
- You must be 62 years of age or older, a spouse can be younger.
- The home must be your primary residence
- Have sufficient home equity or down payment if purchasing a home
- You must meet the financial assessment requirement
What types of homes are eligible?
To apply your home must be a Single-family residences, 1 to 4 unit home, approved condominium or townhome, or double or triple wide manufactured homes that meet FHA guidelines. To verify if your property is eligible, contact us today at (561) 203-6772 to speak with an experienced professional!