Group One Mortgage is Headquartered in Palm Beach County, with a Reverse Mortgage team specializing in Reverse Mortgage Loans. Our staff works with reverse mortgage applicants through the entire application.
Our experts will discuss your options in detail, provide you with detailed program information, quote package with loan estimates, cost and expected fees. Reverse Mortgage loans can be structured in many ways to meet your needs. It’s important to know your options in detail, and have all your questions!
Some of the ways a reverse mortgages are being used ;
- A reverse mortgage can pay off a current mortgage payment, reducing a monthly mortgage expense.
- A reverse mortgage can establish a line of credit that grows from day one, with interest only charged on what you use.
- A reverse mortgage has term or life payment features
- A reverse mortgage can help a senior buy a home with money from a reverse mortgage, preserving cash or retirement savings.
- A reverse mortgage can set aside funds to pay for future property taxes and insurance payments on your property.
The amount you can qualify for depends on the value of the property, rate and the age of the youngest borrower. To learn more about your options, call us directly at 561-203-6772 to speak with a local reverse mortgage professional.
Disclaimer:(1)Loan proceeds are paid tax-free; 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 (which may be substantial). We do not establish an escrow account for disbursements of these payments. Borrowers must also occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan must be paid off when the last borrower or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, or does not comply with the loan terms. Reverse mortgages are first and second mortgage loans. These materials are not from HUD or FHA and were not approved by HUD or a government agency.