Florida Reverse Mortgage Information & Guidance
If you’re looking for a reputable Florida reverse mortgage specialist, you’ve come to the right place. What sets us apart from the rest of the competition is that we provide the homeowner with an educational and informative reverse mortgage experience. The complete process is a no pressure, ethical and honest relationship.
The following are some of the basic borrower qualification requirements:
- EQUITY – The borrower must own the property outright or have considerable amount of equity
- AGE – The borrower must be age 62 or older
- Occupancy – The borrower must occupy the property as their primary residence
Our Reverse Mortgage Loan Info Is FREE & Available Upon Request
Please be aware that there are other borrower, property and financial requirements in addition to those listed above that must be met as well. For more information about these additional qualification requirements, please see call us toll free at (877) 784-7375 or request your FREE Guide To Reverse Mortgages.
To find out if a Reverse Mortgage in Florida is right for you, please call us toll free at (877) 784-7375. Get a free estimate by filling out the information form. We will mail you a customized folder with the information on available loans.
What is a Reverse Mortgage?
A reverse mortgage is a non-recourse mortgage loan that allows seniors age 62+ to convert home equity into tax-free cash.
• Without leaving their home & without giving up title
• Tax-free proceeds
• Paid lump sum, monthly installments, line of credit or any combination
• Accrued interest may be tax-deductible when paid (consult tax adviser)
How a Reverse Mortgage Works
The loan proceeds available to the borrower are based on three main factors:
1. Age of the homeowner(s)
2. Appraised value of the home or Maximum Lending Limit
3. Current interest rates
The loan is repaid at death or move out.
It is a regular mortgage loan except:
1. Very reduced credit, and no income requirements.
2. No monthly mortgage payments are required as long as you live in the home.
3. Prepayment allowed anytime, but repayment will be required upon the last borrower’s passing, the sale of the home, or in the event the last borrower moves out of the home.
**Borrower must continue to pay property taxes, homeowner’s insurance, HOA/Condo fees and maintain the home. Failure to do so will result in foreclosure.