Florida Reverse Mortgage Basics: What You Need to Know
What is a Florida Reverse Mortgage?
A Florida Reverse Mortgage is a loan against your home does not require repayment of principal or interest as long as you maintain the home as your primary residence. The cash you get from a reverse mortgage can be paid to you as:
- a single lump sum of cash;
- a regular monthly cash advance;
- a “line of credit” that lets you decide when and how much of your available cash is paid to you; or
- a combination of these payment methods.
No matter how a Florida Reverse Mortgage is paid out to you, you typically don’t have to pay anything back until you die, sell your home, or permanently move out of your home.
Do I Qualify?
To qualify for a Florida Reverse Mortgage, you must:
- Be at least 62 years old. In the case of a couple or co-owners, both must be 62 if their names appear on the title to the home.
- Have significant equity in your home.
Single-family homes and qualified condominiums, townhouses, manufactured homes, and 1- to 4-family owner-occupied residences are eligible. Please remember, at this time Florida Reverse Mortgages are available only for homes occupied by owners as a principal residence.
How Much Can I Take Out?
Lenders take many factors into account when calculating how much you can take out of a reverse mortgage, including your age, the value of your home, the outstanding balance of any existing mortgage or debt on the home, and interest rates at the time of origination. The type of reverse mortgage product and particular payment option you select will also affect the amount you can receive from a Florida Reverse Mortgage. Please try our Free Evaluation to see how much you could receive under different product and payment options or call us a (800) 320-4001.
