Jupiter's Reverse Mortgage Professionals!
Who’s eligible for a reverse mortgage?
- At least one applicant must be 62 years of age.
- The home must be your primary residence; and an eligible property type.
- Must have sufficient home equity, or down payment if purchasing a home.
- You must meet the financial assessment requirements.
- You must receive HUD Counseling by phone or in person.
Reverse mortgage consultation.
- Learn all about reverse mortgages and how they work.
- Discuss your options for your specific scenario.
- Find out how much you qualify to receive.
- Receive a pre-counseling package with detailed loan comparisons, disbursement options, closing cost worksheet, amortization schedule, total annual loan costs sheet & more.
Schedule a Consultation!
Frequently Asked Questions
What is a reverse mortgage?
A reverse mortgage is a type of home loan for those 62 and older that can be used to refinance or purchase a primary home. The most popular type of reverse mortgages are known as Home Equity Conversion Mortgages (HECMs), they are a Federal Housing Administration (FHA) loan that’s insured by the federal government. Unlike other mortgage loans, with a reverse mortgage the homeowner is not required to make monthly mortgage payment. They must continue to maintain the home & pay property taxes, homeowner insurance and any HOA or condo dues.
Who qualifies for a reverse mortgage?
To be eligible for a Reverse Mortgage;
- You must be 62 years of age or older
- The home must be your primary residence
- You must own your home outright, and have sufficient equity to qualify
- You must meet the financial assessment requirements
What types of homes are eligible?
To be eligible for a reverse mortgage, your home must be a single family home or a 2-4 unit home with one unit occupied by the borrower. Condominiums and manufactured homes that meet FHA requirements are also eligible.
Does the Bank own my home?
With a reverse mortgage the Homeowner retains title and ownership of the property. As the homeowner, you are still responsible for maintenance of the property, for property taxes & homeowners insurance payments and any HOA or condominium dues.
Can I make payments on a reverse mortgage?
Yes, you can actually make payments on your reverse mortgage in any amounts. If you can even decide to payoff your reverse mortgage, there are no prepayment penalties.
How does a reverse mortgage purchase work?
A reverse mortgage for purchase can be used to buy a primary residence. Most property types will qualify, they must meet FHA and HUD guidelines. The amount you qualify to receive from the reverse mortgage depends on your age, the properties appraised value and interest rates at the time. A reverse mortgage may be a great option for homeowners who are needing to relocate, downsize or move into a home that meets their retirement needs.
Call (561) 203-6772 to speak with our Experts!