Reverse Mortgage

A Reverse Mortgage allows homeowner’s (62+) to convert home equity into monthly income, a line of credit or cash. The Reverse mortgage is different from conventional home equity loans: No income or credit qualifications, no monthly or immediate repayment due. The Florida reverse mortgage is repaid when the home is no longer the primary residence of the borrower (s).

A Reverse Mortgage protects the homeowner from ever owing more than the house with worth. A homeowner can never outlive their mortgage and can rest assured their HOME is safe. The interest is added to the loan balance which creates a payoff balance monthly. The loan can be paid at any time. If the homeowner decided to move or pay balance off the payoff will include the interest accrued and release the lien.

How do I the borrower get paid?

• Monthly Payments…
• As a tenure plan: receive a check for as long as one lives in their home.
• As a term payment: receive a check for a certain period, i.e. 10 years or 15 years (only available on the HECM).
• Line of Credit…

With the FHA HECM loan, the balance in the credit line could grow at .5% higher than the current interest rate being accrued. This could result in more money available for the borrower at future dates (There is no growth rate with the Fannie Mae Home Keeper loan).

Lump Sum or a Combination of the above…

With either the FHA or Fannie Mae loans, the payment plan may be changed during the term of the loan. A small one-time fee will be charged to the loan balance at the time of each change.

for more Reverse Mortgage FAQ’s

We can provide Florida reverse mortgages in all FL areas including:

• Miami reverse mortgage
• Fort Lauderdale reverse mortgage
• Boca Raton reverse mortgage
• Palm Beach reverse mortgage
• Naples reverse mortgage
• Tampa reverse mortgage
• Orlando reverse mortgage
• Ocala reverse mortgage
• Villages reverse mortgage
• Jacksonville reverse mortgage
• Port St Lucie reverse mortgage
• FL reverse mortgage
• Palm Bay reverse mortgage
• Tallahassee reverse mortgage
• South Florida reverse mortgage