Florida Reverse Mortgage
The sunshine state is a fantastic place to live and many people choose to spend their retirement years here because of the agreeable climate. But many people have found that their pensions and retirement income is not as high as they were expecting. And the cost of living in FL is also high. This has led some people to consider the benefits of a Florida reverse mortgage. Here are some commonly asked questions.
What is a reverse mortgage?
It is a mortgage that is made to homeowners of 62 or over, that have equity in their houses. There are no monthly repayments. The interest is rolled up and is paid back when the house is sold or the homeowner moves out.
Where can I get a Florida reverse mortgage?
Here are some of the banks and mortgage brokers that you could approach about a reverse mortgage:
Florida Choice Mortgage Corp.
First Reverse Financial services
Allied Mortgage group
Choice One Mortgage Corp.
Mainstreet Community Bank
Wells Fargo Home Mortgage
Is it a scam?
The reverse mortgage has been available for many years and many people have found that it has suited their needs perfectly. However it is not for everyone. Speak to an independent housing counseling agency to find out if it is the right option for you.
But I have no income
Unlike a normal mortgage you do not need any income to be approved for a reverse mortgage. What you need to qualify is to be aged 62 or over and be a homeowner with equity in the property.
I have a small mortgage already
If you have a small mortgage on your property, this will not prevent you from getting a new loan. You could actually pay off your existing mortgage with the proceeds from a reverse mortgage. The benefit of this is you no longer have to meet the monthly repayments on your existing mortgage.
If you want to get a Florida reverse mortgage, the next step is approaching a lender or mortgage broker to discuss your options. Remember to do plenty of research to make sure that this is the best option for you.