Never a Mortgage Payment Again!!!!

As one of Florida’s leading reverse mortgage lender, we help homeowners discover how a Reverse Mortgage loan may help them access funds to meet their short-term financial goals and plan for a more secure retirement.

A reverse mortgage is a unique, government-insured loan that allows eligible homeowners age 62 years and older to convert a portion of their home’s equity into tax-free funds without having to make monthly mortgage payments.

A reverse mortgage loan can help:

  • Creates an alternative source of income for the borrower.
  • Eliminates out of pocket monthly mortgage payments.
  • Allows seniors to remain in their home as long as they wish to.
  • Purchase a new Primary Residence without having to pay a monthly mortgage payment to repay the loan.
  • Pay for medical care, prescription drugs and in-home care.
  • Cover large or unexpected expenses.
  • Make home improvements and repairs.

 

Call us now to request our free Reverse Mortgage Solutions Kit at:   305-796-4799      

Pros of Reverse Mortgage Loans

  • You can receive the funds in a lump-sum, monthly, a line of credit or a combination of these options.
  • The borrower retains ownership of the home
  • Title of property remains in the borrowers name
  • There is no equity sharing with the lending bank which means the borrower gets full advantage of rising property values.
  • Homeowner can stay in the home without making monthly mortgage payments
  • Eliminates existing mortgage payments
  • Heirs are not personally liable if payoff balance exceeds home value
  • Heirs inherit any remaining equity after paying off the reverse mortgage
  • Proceeds are tax-free; however, please consult with your financial advisor.

Cons of Reverse Mortgage Loans

  • Loan balance increases over time
  • Value of estate inheritance may decrease over time as proceeds are spent
  • Fees can be higher than a traditional mortgage
  • Initial FHA Mortgage Insurance Premium (2% for HECM Standard product)
  • Annual FHA mortgage insurance (1.25% of reverse mortgage balance)
  • Loan origination fee may be higher than traditional mortgages
  • Although Social Security and Medicare eligibility are not affected by a reverse mortgage loan, needs-based government programs such as Medicaid can be affected if the amount of funds withdrawn from a reverse mortgage loan exceed the monthly income limits
To find out if a Reverse Mortgage loan is right for you.

HECM PRODUCTS

Available Programs:

  • LIBOR Index - Monthly Adjustable
  • LIBOR Index Saver - Monthly Adjustable
  • CMT – Monthly Adjustable
  • CMT Annual – Adjustment once a year
  • HECM Fixed Standard – Fixed for Life
  • HECM Fixed Saver – Fixed for Life 

Call us now to request our free Reverse Mortgage Solutions Kit at: 305-796-4799 To find out if a Reverse Mortgage loan is right for you.

 

 



Mortgage Rates Current Mortgage Rates Get Widgets

news letter News Letter Sign up