Florida Reverse Mortgage

Many homeowners have found that a reverse mortgage is a great way for them to take advantage of the equity they have built up in their homes.

A reverse mortgage is different than a traditional mortgage. With a traditional mortgage you make monthly mortgage payments, but with a reverse mortgage the lenders pays you money through monthly installments or a one-time lump sum payment. The money that you receive is dependant on your age and the value of your home.

Daphne Florida Reverse Mortgage Tips 3/15/12:

The following "ends" a reverse mortgage and thus the funds have to be paid back:
    a. the home is no longer a primary residence, or the borrower sells the home.
    b. the last borrower living in the home passes away. The estate then has 1 year to sell the home, refinance the home, or simply payoff the reverse.

A borrower who receives a reverse mortgage is still responsible for their insurance and property taxes.

Even though there isn't a required monthly payment on a reverse mortgage, with our product, you can still make one. You can pay as much or as little (or nothing at all) as you desire.

A reverse mortgage is not credit driven or income driven, so even if you have low income or bad credit it doesn't change the approval process.

You can take cash out with this product

Not all reverse mortgage companies are the same, they don't all have access to the same products

As people get older, some of their bills (home repair, medical expenses, etc.) increase while at the same time their income decreases so a reverse can help even out your debt to income ratio.

The reverse mortgage product we offer is a government regulated mortgage used to help people stay in their homes as they age. The product name is "Home Equity Conversion Mortgage" but we use the term reverse mortgage because the public is more familiar with that term.

Someone living in the home must be 62 to qualify and have enough equity to meet the lending requirements.

Many homeowners have found that a reverse mortgage is a great way for them to take advantage of the equity they have built up in their homes.

One of the great advantages of a reverse mortgage is that you are not required to pay the loan back until the home is no longer your primary residence For more information on when a reverse mortgage comes due click here. Another great feature of a reverse mortgage is you can never owe more than the value of your home. No matter what.

If you’re aged 62 or older and own your home you might be eligible for a reverse mortgage. Contact us to find out more about reverse mortgages and ways to make it work for you, or apply now and start the process of tapping the equity in your home.

Check out these pages for more information about reverse mortgages.