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Florida Reverse Mortgage
A Florida reverse mortgage is a loan for seniors that allows them to take money out of the equity of thier home either as a one time lump sum or in payments over time.
There are numerous reasons that seniors decide to utilize a reverse mortgage especially in today's economic environment. With the uncertainty of retirement funds from stock markets and limitations on social security wages, often times a Florida reverse mortgage is the best option for seniors in florida.
The greatest thing about a Florida reverse mortgage (also known as a home equity conversion mortgage or HECM) is that you never have to repay the loan in your lifetime!
A Florida reverse mortgage loan is very flexible. You can decide to receive your payments in one lump sum or you can setup a payment plan in which you will receive a set amount of money regularly over time to help supplement your other retirment income sources. You have the flexibility to change your repayment plan at any time after the loan is made. You can go from monthly payments to a large lump sum if you wish. Changes like this can be made at any time and also multiple times if need be.
Florida Reverse Mortgage Guidelines
- Anyone on the loan must be 62 years of age or older
- Your home must be your primary residence
- The home must be owned free and clear or have a small balance that can be paid off with your new florida reverse mortgage
- NO INCOME OR CREDIT REQUIREMENTS!
Florida Reverse Mortgage Benefits
- Never have to repay your Florida reverse mortgage as long as you live in the home
- No restrictions on cash out. Use your funds for anything you see fit
- No taxes on the proceeds from your Florida reverse mortgage
- The Florida reverse mortgage is a federally insured loan program
- Flexible payment options for you to setup
- In the event that you pass away your heirs receive the option of either refinancing the home and paying of the mortgage if they wish to keep the home, or the home can be sold and your heirs will receive the remaining equity in your home
As you can see the Florida reverse mortgage loan is a very simple loan that can benefit many seniors in today's economy. We are Florida reverse mortgage specialists and we pride ourselves on communication and service to our clients. If you have ANY Questions about a reverse mortgage in Florida please don't hesitate to contact us immediately so we can help answer your questions.
Below are some free videos to help seniors with managing their retirement funds outside of a reverse mortgage. We have free materials available on the Florida reverse mortgage loan available upon request.
