You are here: / Reverse Mortgage
Are you a senior in currently living in sunny Florida or interested in retiring to the Sunshine State? Looking for a way to increase financial flexibility and enjoy a higher quality of life? With a reverse mortgage, you can do so while staying in the home you currently reside in.
When you take out a reverse mortgage, a portion of your homes equity is converted into cash. While a reverse mortgage does need to be paid back, this can be delayed until a maturity event takes place. That means that the loan does not need to be repaid until the last borrower on the loan passes or the home is sold.
Why choose a reverse mortgage to increase liquidity in your budget?
Here are a few great reasons:
It is up to you how you use the money which is freed up through your reverse mortgage.
You can select a disbursement option which suits your needs.
You get to raise your standard of living without moving out of your existing home.
In many cases, the money you receive through a reverse mortgage is not subject to taxation.
You do not need to make monthly payments on a reverse mortgage.
A reverse mortgage can be used in any fashion you choose.
Here are just a few possibilities:
Repair or upgrade your home.
Pay medical bills.
Finance education for family members.
Go on your dream vacation.
Put the money toward starting up a business of your own.
Have more money on hand for regular monthly expenses.
You may come up with many more ideas for spending the money from a reverse mortgage which are not listed here. You might even just want that extra cash available as an added safety net should the need arise.
The amount of money you can receive through a reverse mortgage is contingent on how much equity you have in your property and the age of applicant.
To qualify for a reverse mortgage in Florida, you need to meet these basic requirements:
The minimum age to apply is 62.
The home you are pulling equity from needs to be your primary residence.
You must be current on all payments which are relevant to your home. These include your property taxes as well as homeowner's association payments and the insurance premiums on your property.
Your home must be properly maintained according to the standards set by the Federal Housing Administration (FHA).
You also will need to satisfy basic requirements relating to your tax history, credit and income. During your consultation, we can go over all reverse mortgage rules and requirements in detail.
It is time to increase flexibility in your budget and get the money you need to finance repairs or upgrades, pay your bills, or simply enjoy some luxuries during retirement by not having to worry about making a monthly mortgage payment. Contact us today at 954-840-8811 if you are ready to apply for a reverse mortgage!Get Pre-Approved Today!
Premier Lending Corp is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.