A reverse mortgage is a loan insured by the Federal Housing Administration (FHA), which is also called a HECM. It allows you to access your home equity and turn it into cash. Homeowners choose a reverse mortgage because it allows them to remain in their homes, as long as they meet the loan terms, and provides them with funds that can supplement their retirement income.
*You cannot lose your home under normal circumstances and so long as you pay your property taxes, homeowner’s insurance, maintenance costs.
Eliminate Monthly Mortgage: Without a mortgage payment, you can free up cash to cover other important expenses.
Access Cash: The proceeds can be used however you like and are tax-free (consult your financial advisor)
Stay in Your Home:
With a reverse mortgage, you can stay in the home you love while you live there.*
Unlike a traditional loan where the borrower makes payments to the lender, the lender makes payments to the borrower and the loan is repaid when the last borrower or eligible non-borrowing spouse passes away or leaves the house or does not comply with the loan terms.
Traditional reverse mortgages were established in 1989 to help older homeowners age in place and in their homes. The right to remain in the home is contingent on paying property taxes and homeowner’s insurance, maintaining the home, and complying with the loan terms.
Being a government-insured loan, there are several important requirements borrowers must meet to qualify.
Today, there are important safeguards in place to ensure that the HECM reverse mortgage product can continue to help consumers for years to come.
Please feel free to
contact us
and we can discuss your current situation in further detail and also discuss financing options available to you.
Address:
15800 Pines Blvd - Suite 3100
Pembroke Pines, FL 33027 USA
Hours:
Mon - Fri : 9:00am to 6:00pm
Sat - Sun : Closed