There is a common misconception that reverse mortgages are measures of last resort. But did you know that seniors with a wide range of financial situations can benefit from this lending product?
You may be interested in applying for a reverse mortgage, but unsure if it is right for you. To help you figure that out, let’s go over some examples of scenarios where a reverse mortgage could be beneficial.
A reverse mortgage might be a good choice for you if:
- You or another borrower are age 62 or older.
- You have sufficient home equity to qualify and meet all other qualification requirements.
- You have discussed the matter with your heirs, who are fine with either selling the home or paying off the loan once you pass.
- You plan to stay in the home indefinitely, and/or are able to pay it off if you choose to sell the home later.
- You could use some extra financial flexibility in your retirement. Maybe you want to pad your monthly income with supplemental cash, or perhaps you want to achieve a goal such as putting a down payment on a vacation home, buying a car, or going on a trip. Or perhaps you have high interest debt to pay off.
- You want full control over how you spend the supplement to your income. You do not want a bank telling you how you can and cannot spend the money.
Apply for a Reverse Mortgage in Florida
PLC is based in Cooper City, and can help you apply for a reverse mortgage anywhere in Florida. Let’s get you the supplement to your income that will help you live your best life during retirement. To schedule your consultation, please call 954-840-8811.
