Florida Reverse Mortgages
If you're 62 or older and own your home... discover the financial benefits of a Florida Reverse Mortgage. Tap into the equity in your home and turn it into tax-free cash! Instead of making monthly payments, you can opt to receive them!
The money from a reverse mortgage can provide seniors with the financial security they need to fully enjoy their retirement years.
And here's one of the best things about a reverse mortgage.
It allows the Florida senior to stay financially independent.
With a reverse mortgage many seniors are able to avoid becoming a financial burden on anyone.
Not surprisingly, many children of reverse mortgage borrowers are pleased that their parents are able to use their equity and remain living in their homes.
Often it is a great relief to these children that their parents are able to take care of their own needs; many even encourage their parents to do so.
Instead of making monthly payments to a lender, as with a regular first mortgage or home equity loan, the lender makes payments to you. You can receive these payments for the rest of your life.
And here's one of the best things, while a Florida Reverse Mortgage loan is outstanding, you continue to own the home and retain title to it.
What can you do with the money from a Florida Reverse Mortgage? You can use it for any purpose you wish: daily living expenses; home repairs and home modifications; medical bills and prescription drugs; pay-off of existing debts; your children's education; travel; long-term health care; it can be used to prevent foreclosure; and other needs.
It's so easy to qualify for a Florida reverse mortgage. The first requirement is you must be at least 62 and own your own home. There are no income or creditl requirements to qualify. Did you know you might be eligible for a reverse mortgage even if you still owe money on a first or second mortgage? In fact, many seniors get a reverse mortgage to pay off a first mortgage.
You can choose how to receive the money from your reverse mortgage. The options are: all at once (lump sum); fixed monthly payments (for up to life); a line of credit; or a combination of these.
The size of the reverse mortgage that you can get depends on your age at the time you apply for the loan, the value of your home, and current interest rates. In general, the older you are and the more valuable your home (and the less you owe on your home), the larger the reverse mortgage can be.
The money provided to you from a reverse mortgage is tax-free and does not affect regular Social Security or Medicare benefits. However, the funds received from a reverse mortgage may affect your eligibility for certain kinds of government assistance, such as Medicaid or state assistance programs, you should check into this before getting a Florida reverse mortgage.