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Florida reverse mortgagesReverse mortgage is a type of mortgage that is designed specifically for use by the senior citizens. With the help of these loans such people can convert a portion of the value of the house into cash that can be used to meet their financial needs. People usually think that when they take a reverse mortgage then the house would be taken over by either the bank or the government. This is not the case. If the person who has taken a reverse mortgage continues to pay the homeowners insurance and the real estate taxes on time then there is no way in which the property can be taken away.
The amount to be paid towards the reverse mortgage becomes due once the person leaves the house. it is advised that if you are planning to move out of the house within 3-5 years then you should not opt for a reverse mortgage.
How to obtain Florida reverse mortgage
Any person can take Florida reverse mortgage; that is above the age of 62 years and has enough equity in the house that can be utilized. With the help of these loans you can either obtain the money as a lump sum amount or as fixed monthly payments till the time you want. You can also have a line of credit set up from where you can withdraw money as and when required.
The reverse mortgage programs are FHA-HUD government approved programs and have some guidelines that should be met before a person can take a reverse mortgage. When you apply for these loans initially you have to undergo a counseling by a certified FHA specialists who would tell you about the pros and cons of reverse mortgage and see whether you are aware of the information.
Once this is done then you are supposed to choose the type of Florida reverse mortgage that you and the loan officer feel would be suitable for you. Your house also has to undergo inspection and appraisal procedures to determine whether the house is in a good condition and its market value so that the amount of money that can be given out can be decided.
For getting a Florida reverse mortgage there are no credit and income requirements. The amount of money that you can get with a reverse mortgage depends on the following factors :
If you are older then you can qualify for more money, when your property is of high value then you can qualify for more money and if the present interest rates are lower then also you can get more money with the reverse mortgages.
Paying back Florida reverse mortgage
The Florida reverse mortgage is to be paid back only when the house against which the mortgage is taken is no longer the residence of the borrower. Moreover your heirs are not supposed to pay any money towards the loan. Either you or your property pays for itself and the total amount, the interest rate and the closing costs are all met. If there is any extra equity left in the house then it is given to your heirs .
However, most of the times, the inherited property is sold to allow the distribution of the inherited assets. There is no such requirement that the reverse mortgage should be paid on the death of the person after the house is sold. The mortgage can be paid from other funds or if the heirs can take a refinance and pay it off if they wish to own the house.
Similar to pay other mortgage the reverse mortgage rates are also either fixed or adjustable. You are also required to make similar payments as those to mortgage payments towards the closing costs. However, dissimilar to the other mortgages the reverse mortgage lenders, banks or traditional lenders would provide financing for any of the applicable fees. It is advised that you speak to your lender before you decide on taking the reverse mortgage about the interest rates and the fees that can be charged. The initial few years of a reverse mortgage are expensive and hence you should know about your costs and payment schedules.
Florida reverse mortgage providers
Some of the providers for reverse mortgage in Florida are mentioned below.
Mortgage Loan Place:
They provide reverse mortgages to people in Florida. Their reverse mortgage loan products include home equity conversion mortgage, home keeper reverse mortgage through Fannie Mae and private cash out. For more details on their rates and plans you can mail them at
American reverse:
They specialize in giving reverse mortgage and hence provide the best service to their customers. Till date they have helped a number of customers in getting the reverse mortgage. You can contact them at 605 SW First AvenueOcalaFlorida34471-0982, Phone: (352) 867-1111; Toll Free: (888) 370-6620; Fax: (352) 369-5985
Affordable reverse:
They give out reverse mortgages and educate people on the different types of reverse mortgages that are available. They provide 20% discount on the origination fees and help you qualify the standards of FHA and HUD. You can contact them at 3825 Henderson Boulevard Ste 400Tampa, FL. 33629, Email: Phone: 800-743-6030, 404-642-1137,
Prime City Mortgage:
They provide reverse mortgage with flexible payment options and you can get the mortgage as per your payment plan. You can contact them at Toll Free: 1-888-855-8718; 1210 Millennium Parkway #1017BrandonFL33511.
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