If you are a senior homeowner in Florida, you can apply for a reverse mortgage. To qualify, you must own sufficient equity in your home to borrow against. Reverse mortgages are popular, because the funds can be used however you want. In addition, the loan does not come due until a maturity event, such as the death of the last borrower or the sale of the home. You can live in your home for the rest of your life if you choose.
What are some ways you can use a reverse mortgage? Here are a few ideas especially for Florida residents.
- Put a down payment on a second home. One idea is to use the funds from a reverse mortgage to put a down payment on a second home. Maybe you love the sun and surf of FL, but would love to go somewhere cooler during the summer months. This is a great way to make that dream come true.
- Buy a rental property. Another possibility would be to use the funds to put a down payment on a rental property. It could be local (there are many gorgeous properties in FL that would be ideal for vacationers), or you could buy one elsewhere. You could then have a new source of income in your life.
- Install solar panels. Florida’s sunny climate is perfect for installing solar panels on the roof of your home, an upgrade you could finance using reverse mortgage funds. Not only does this state receive ample sunlight, but between the heat and the humidity, you probably need to run your air conditioner a lot. So, being able to save on energy costs using solar is a big deal.
- Cover emergency costs. Although FL’s weather is usually pleasant throughout the year, it can be subject to hurricanes and flooding. This can leave residents scrambling after natural disasters. Taking out a reverse mortgage lets you stockpile an emergency fund. If you do end up with extra costs due to natural disasters (perhaps flood or hurricane damage to your home), a reverse mortgage can help you pay for them.
- Go on a cruise. A lot of cruises in the Caribbean set out from Florida. If you dream of going on a cruise, but can’t afford it, a reverse mortgage could be just what you need to set out on an adventure on the sea. You also can use reverse mortgage funds to enjoy more of the other attractions and activities that FL has to offer.
Apply for a Reverse Mortgage Now
Whether you are a senior homeowner in Cooper City, where we are headquartered, or anywhere in Florida, we can help you apply for a reverse mortgage. To get started, please give us a call at 954-840-8811 to schedule your consultation. We will help you figure out if you are eligible for a reverse mortgage in FL, and if you are, to apply.
