FL Reverse Mortgages from Home Point Financial
How Florida Reverse Mortgages Work
A Florida Reverse Mortgage / Loan is a home loan which provides the homeowner with cash payments based on home equity. Throughout the course of the loan, the borrower retains the Florida property title/ownership. Typically, repayment of the loan is made when the property is sold or upon the homeowner’s death.
Requirements:
- Age requirement: Florida borrower must be 62 or older
- HUD-approved counseling
- Income: No requirements
- Assets: No requirements
- Florida employment: No requirements
- Credit score: No requirements
- Health: No requirements
Reverse Mortgage FAQs
Can I lose my home?
The Bank can only foreclose on your Florida home if you do not 1) pay your homeowners insurance, FL real estate taxes, any HOA fees, 2) keep the home in good repair 3) keep the Florida home as your primary residence. You never have to make a mortgage payment.
What if I already have a Florida mortgage?
First, your current mortgage and any other liens against the property in Florida will be paid off. As long as you have enough equity to do this, a Reverse Mortgage would work for you.
Will it cause me to pass debt on to my heirs?
A Reverse Mortgage in Florida is a non-recourse loan. There is mortgage insurance, which is a Federal requirement, which will pay off the difference from the value of your home to what you owe. No one comes out of a Reverse Mortgage owing more than the value of their home. If the value of the Florida home is greater than what is owed, the heirs inherit the additional money after the loan is paid.
Are Florida (FL) Reverse Loans high-risk?
Safeguards have been built into the program, including mandatory HUD-approved counseling in Florida, payment guarantees, capped interest rates, advanced disclosures, a three-day rescission period and a non-resource limit.
Apply for a Florida Reverse Mortgage
Apply now or contact the Florida Reverse Mortgage experts at Home Point Financial to learn more about reverse mortgages in Jacksonville, Miami, Tampa, St. Petersburg, Brandon, and throughout Florida.
