Florida Reverse Mortgage Information

Florida Reverse Mortgage Information

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How a Reverse Mortgage Works

  • You can refinance or buy a primary home.
  • You maintain ownership of the home.
  • Converts an existing mortgage on your property.
  • You can convert equity in your home into a growing line of credit, payments or a lump sum drawl.
  • Your able to make loan payments if you like, but a monthly mortgage payment is not required.
  • You can decided to sell the home or pay off the loan with no penalty.
  • The loan is non-recourse meaning you will not owe more than the value of your home. If your home sells for less than what is owed, FHA insurance pays the difference.

Who is Eligible

  • At least one homeowner must be 62 years of age, a non-borrowing spouse can be younger.
  • You must have sufficient equity.
  • You must meet the financial assessment requirements.

Available Programs

The HECM Refinance

The Home Equity Conversion Mortgage is available for homeowners with a qualified primary residence.

  • Fixed or a adjustable rate based on the LIBOR (London Inter-Bank Offered Rate).
  • The property must be a primary residence; single family, two to four unit owner-occupied home, townhouse, approved condominium or a HUD approved manufactured home.
  • The available loan amount is based on the FHA Mortgage Limit, the properties appraised value, interest rate, the age of the youngest borrower or non-borrowing spouse and the loan disbursements features selected.
  • No monthly mortgage payment is required, but payments are aloud.

The HECM Purchase

Designed to help seniors purchase a new primary residence with funds from a reverse mortgage loan.

  • Must have a sufficient cash down payment for the property.
  • The property must be a primary residence; single family, two to four unit owner-occupied home, townhouse, approved condominium or a HUD approved manufactured home.
  • The available loan amount is based on FHA Mortgage Limit, the properties appraised value, interest rate, the age of the youngest borrower or non-borrowing spouse and the loan disbursements features selected..
  • No monthly mortgage payment is required, but payments are aloud.

Then JUMBO Reverse Mortgage 

Designed for high value properties that may not meet FHA or HUD guidelines. 

  •  Fixed rate program.
  •  Refinance or Purchase. 
  •  Please contact us for more information about our JUMBO program.

Loan Disbursement Options

Fixed rate options:

  • Lump Sum – Immediate disbursement of some or all loan proceeds

Adjustable rate options:

  • Lump Sum – Immediate disbursement of some or all loan proceeds
  • Line of Credit – Access the equity in your home at your convenience
  • Monthly Payment – Get a monthly payment for a set term or for life

Disbursements that may be required..

  • Mortgage Payoff – loan proceeds used to payoff any existing mortgage
  • Life Expectancy Set-Aside– Loan proceeds used to pay future property taxes and Homeowners Insurance if a borrower does not meet the Finance Assessment requirement

Important: (1)Loan proceeds are not taxable as income; consult your tax advisor. (2) If you qualify and your loan is approved, a Reverse Mortgage must pay off your existing mortgage(s). With a Reverse Mortgage, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance. Borrowers must occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable when the last borrower, dies, sells the home, permanently moves out, defaults on taxes and insurance payments, or does not comply with the loan terms. 

How a Reverse Mortgage Works

  • You can refinance or buy a primary home.
  • You maintain ownership of the home.
  • Converts an existing mortgage on your property.
  • You can convert equity in your home into a growing line of credit, payments or a lump sum drawl.
  • Your able to make loan payments if you like, but a monthly mortgage payment is not required.
  • You can decided to sell the home or pay off the loan with no penalty.
  • The loan is non-recourse meaning you will not owe more than the value of your home. If your home sells for less than what is owed, FHA insurance pays the difference.

Who is Eligible

  • At least one homeowner must be 62 years of age, a non-borrowing spouse can be younger.
  • You must have sufficient equity.
  • You must meet the financial assessment requirements.

Program Features

The HECM Refinance

The Home Equity Conversion Mortgage is available for homeowners with a qualified primary residence.

  • Fixed or a adjustable rate based on the LIBOR (London Inter-Bank Offered Rate).
  • The property must be a primary residence; single family, two to four unit owner-occupied home, townhouse, approved condominium or a HUD approved manufactured home.
  • The available loan amount is based on the FHA Mortgage Limit, the properties appraised value, interest rate, the age of the youngest borrower or non-borrowing spouse and the loan disbursements features selected.
  • No monthly mortgage payment is required, but payments are aloud.

The HECM Purchase

Designed to help seniors purchase a new primary residence with funds from a reverse mortgage loan.

  • Must have a sufficient cash down payment for the property.
  • The property must be a primary residence; single family, two to four unit owner-occupied home, townhouse, approved condominium or a HUD approved manufactured home.
  • The available loan amount is based on FHA Mortgage Limit, the properties appraised value, interest rate, the age of the youngest borrower or non-borrowing spouse and the loan disbursements features selected..
  • No monthly mortgage payment is required, but payments are aloud.

Then JUMBO Reverse Mortgage 

Designed for high value properties that may not meet FHA or HUD guidelines. 

  •  Fixed rate program.
  •  Refinance or Purchase. 
  •  Please contact us for more information about our JUMBO program.

Loan Disbursement Options

Fixed rate options:

  • Lump Sum – Immediate disbursement of some or all loan proceeds

Adjustable rate options:

  • Lump Sum – Immediate disbursement of some or all loan proceeds
  • Line of Credit – Access the equity in your home at your convenience
  • Monthly Payment – Get a monthly payment for a set term or for life

Disbursements that may be required..

  • Mortgage Payoff – loan proceeds used to payoff any existing mortgage
  • Life Expectancy Set-Aside– Loan proceeds used to pay future property taxes and Homeowners Insurance if a borrower does not meet the Finance Assessment requirement

Important: (1)Loan proceeds are not taxable as income; consult your tax advisor. (2) If you qualify and your loan is approved, a Reverse Mortgage must pay off your existing mortgage(s). With a Reverse Mortgage, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance. Borrowers must occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable when the last borrower, dies, sells the home, permanently moves out, defaults on taxes and insurance payments, or does not comply with the loan terms. 

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