Reverse Mortgages Deliver increased tax-free monthly income No monthly payments required No income or credit qualification Allows homeowners to live in their homes Provide a cushion against the unexpected Fund home repair Establish a resource to help grandchildren and loved ones Reduce debt Fund medical expenses Purchase long-term care insurance Eliminate existing mortgage payments Pay for home services Enjoy additional leisure activities Provides easy access to the value you have built in your home. Reverse Mortgage Benefits Cash received is Non-Taxable Strengthen your personal and financial position by increasing cash flow No more mortgage payments Credit-lines for emergencies and unexpected expenses Home repairs and improvements Obtain better life and health insurance plans, long-term care Vacations and Leisure are now a reality • Could you use extra cash to consolidate debts or to supplement your monthly income. Reverse Mortgage Benefits are calculated using a combination of factors: The value of your home.


The loan amount is based on your age, the appraised value of your home and current interest rates, or the FHA/Fannie Mae Florida mortgage limits established for your area of residence, whichever is less. If there is an existing mortgage on your home, it must be paid in full from the proceeds of your Reverse Mortgage. Payment Options can be changed at anytime over the life of the Reverse Mortgage. Department of Housing and Urban Development, or HUD, started reverse mortgages in order to help home owners who are senior citizens pay for their living expenses and rising medical costs. To qualify for a HUD reverse mortgage you must be 62 years or older and either own a Florida home that is completely paid off, or have a small balance left to pay on your current mortgage. Qualified homeowners can take a reverse mortgage in order to get a lump sum of money, receive a monthly income, or occasionally get money when they need it like a line of credit.


There are no income, employment or credit qualifying restrictions. On a Florida Reverse Mortgage the bank allows you to tap into that equity allowing you to supplement retirement in either monthly payments for life, a credit line that grows with your age, or even a combination of both. It is called a reverse mortgage because you borrow money from a lender, but the lender makes the monthly payments to you (or pays you through a credit line or a lump sum), rather than you making monthly payments to the lender. Bottom line, senior homeowners may get hundreds of dollars or even a thousand dollars per month or more, or a lump sum of cash, or line of credit, etc.


You will never owe more than the loan balance (including accrued interest) or the value of your home at the time you leave the property, whichever is less. The programs of today have no shared appreciation, you always retain the title to your home, and the title to your property goes to your heirs just as it would if you didn’t have a reverse mortgage. The primary obligations of the homeowner are to simply maintain the home's value, insurance and of course, do not default on property tax payments. When you take a Reverse Mortgage, your Social Security and Medicare benefits are unaffected and you'll still retain the title to your property.

Reverse Mortgage Benefits Thousands of Florida Homeowners and people each month improve their lives by taking advantage of a reverse mortgage to increase their monthly income. Reverse Mortgage Benefits Use the equity you’ve built up in your home while you continue to live in it.

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