Is a Reverse Mortgage Right for You?
Answer a few simple questions to find out!
WE COVER THE COST OF APPRAISAL
Important Disclosure
- The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and
- Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees.
- The loan balance grows over time and interest is charged on the outstanding balance
- At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds
- Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment.
Review the list below to see if you meet the basic requirements to qualify
If you answer yes to the following questions it most likely is a good option for you, but to be sure, give us a call at (800) 516-7155 to confirm your eligibility or try our reverse mortgage calculator for a free instant estimate.
- Are you or the borrower age 62 or older for a HECM? Or age 55+ for a proprietary Reverse?
- Do you have 50% or more equity in your home?
- Do you plan to keep the home as your primary residence?
- Do you understand that you must continue to pay your property taxes and insurance?
- Are you willing to complete mandatory counseling?
- Do you accept that an appraisal is required on the subject property?
Is the HECM Reverse Mortgage Safe?
Industry Corrections and Consumer Safeguards
With strict state and federal regulatory agency, oversight, laws and safeguards that ensure the safety of borrowers from misleading marketing and unfair lending practices, it is fair to suggest that reverse mortgage loans have never been safer than they are today.
Additionally, borrowers are required to be independently counseled and financially assessed to ensure they are aware of their responsibilities and are able to meet the financial obligations of the loan terms, adding to the assurance of security.
As with any loan, the possibility of default does still exist with a HECM reverse mortgage, but it literally requires the borrower to neglect paying their property tax, home insurance, HOA dues (if required) or failure to maintain the home to a livable standard.
Ask about our face to face in-home consultations and free appraisals for qualified Florida homeowners
Helping Florida Homeowners Understand Reverse Mortgages
We hope that you now have a better understanding of this unique loan product. Our main goal is to ensure you have the information you need to make an educated decision about reverse mortgage loans and access to us as a trustworthy local Florida lender.
Reverse mortgages can be a great option for qualified Florida homeowners looking to augment their retirement income or have additional financial resources that allow them to maintain or improve the freedom and lifestyle they’ve earned over years of hard work and sacrifice.
If you would like to have a free, no obligation discussion about the details of the reverse mortgage loan, do not hesitate to give us a call, we’d love to meet with you at your home or have a talk on the phone to help you learn everything you need to know about the HECM reverse mortgage loan.
For more information give us a call at (800) 516-7155
Or request your reverse mortgage quote to get an estimate of the proceeds you may qualify for!
Mortgage and Insurance Solutions Inc. NMLS #1124365