Florida Reverse Mortgage Application Process: How It Works
- Call us for more information and a free consultation.
We’d be happy to meet you in your home or our Boca Raton office to explain Florida Reverse Mortgages in greater detail and answer any of your questions. We can even give you an estimate of how much money you qualify for. - Call or Visit a HUD-approved counselor and obtain a Counseling Certificate.
Counseling is required for all FHA-backed reverse mortgage products. The counselor’s job is to make sure you are informed about Florida Reverse mortgages and other options. We would be happy to give you a list of local counseling agencies or qualified telephone counselors. Please feel free to call us at (800) 320-4001 for more information. - Fill out a Reverse Mortgage Application with us.
The application is simple and there is no credit requirement for Florida Reverse Mortgages. Other than a license, passport or birth certificate to prove your age, in most cases almost no other documentation is necessary. - Have your home appraised.
Since the value of your home is a majo factor in determining how much money you can get from a Florida Reverse Mortgage, an appraisal is required. Normally we will order the appraisal for you at the time of application. - The Reverse Mortgage closes and you enjoy the security of having money available to you for when you’ll need it most.
Costs of a Florida Reverse Mortgage
Many of the same costs associated with a regular mortgage apply to Florida Reverse Mortgages. You will be charged an origination fee, a mortgage insurance premium (for FHA Home Equity Conversion Mortgages), an appraisal fee, and certain other standard closing costs. In most cases these fees and costs are capped and may be financed as part of the Florida reverse mortgage, so that you incur little out-of-pocket expense.
