Premier Reverse Mortgage covers the entire state, so it doesn’t matter if you are located in Pensacola or Key West, we can help you! The process of obtaining a reverse mortgage in Florida is very similar to other states HUD/FHA reverse mortgages are national products. But, there are some differences in Florida’s reverse mortgage requirements that we will point out below.
Discover how a FL Reverse Mortgage works and if it is something you should do. Let us help with your Florida Cash Out Refinance near Manatee & Sarasota.
A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.
Reverse Mortgage Eligibility. To be eligible for a reverse mortgage loan, the FHA requires the youngest borrower on title to be 62 years or older. Borrowers must also meet financial eligibility criteria as established by HUD. If there is an existing mortgage on the home, it must be paid off with the proceeds from the reverse mortgage loan.
Think the best cities for aging in place are in Arizona and Florida? Think again. Editor’s note: the study cited the number of reverse mortgages as an indicator of financial distress in some areas.
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Revisiting Reverse Mortgages Home Loans for Older Adults. Florida has the highest percentage of seniors in the United States; approaching 20 percent of the .
A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash. The product was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care.
There are 4 main types of reverse mortgage: HECM, HECM for Purchase, a trade group in Florida that offers education to seniors on reverse mortgages.
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You can also use a Florida reverse mortgage to purchase a primary residence if you are able to use cash on hand to pay the difference between the mortgage proceeds and the sales price plus closing costs for the Florida home you are purchasing.