Florida Reverse Mortgage

If you’re a senior and you own a home in the sunny state of Florida, you can secure a stable stream of retirement income for yourself by taking on a Florida reverse mortgage.  This mortgage taps into your home equity and transforms it into cash you can spend on any expenses that arise.  You don’t need to be wealthy or even financially successful.  All you need is a minimal amount of equity in your home.

Reverse Mortgage Florida Information

These mortgages are available to seniors only, which means you won’t have to fight the competition to qualify for your loan.  There are plenty of reverse mortgages available and many lenders specialize in them.  With this loan type, your lender pays you.  You don’t make any payments.  Reverse mortgages in Florida are designed to give you the money you need to live out the best years of your life in financial security.

Your lender provides you funds up to the total amount of equity you own in your home.  In return, the lender takes ownership of the equity in your home.  You can use the money the lender gives you however you want.  You can pay off medical expenses, eliminate debts, take a vacation, or even use it to make a down payment on a new home.  If you want to learn more about this income generation opportunity, gather as much reverse mortgage information as you can and contact a lender in our network to ask questions and get advice.

You can receive the funds from your reverse mortgage in a number of ways.

• As a lump sum for the full amount of equity.
• As a monthly payment until the equity is depleted.
• As a credit line you can access at any time.

You can combine any of these methods to customize your own financial arrangement.

As mentioned above, ownership of your home equity transfers to the lender during a reverse mortgage.  This doesn’t mean that your lender owns your home.  This is entirely untrue.  You retain full ownership of the home itself and can continue to live in it for the rest of your life without paying a dime to your lender.

Once you pass away, your home will pass to your heirs, who will be required to pay back the mortgage amount.  Your heirs can sell the home and pay back the loan with the proceeds from the sale, or, if they want to keep the home, they can refinance the reverse mortgage into a traditional mortgage and pay it off over time.

This can be a confusing turn of events to fully understand.  If you have any questions, visit the HUD’s Frequently Asked Questions page or contact one of our lenders to get answers and additional information.

Florida Reverse Mortgage Lenders

Before you agree to work with any lender on your reverse mortgage loan, make sure you’ve found the lender who can best meet your needs.  Every lender offers a slightly different mortgage rate than every other lender.  Contact at least four or five lenders in your area to get rate quotes.

The most important thing to consider when selecting a lender is the fees that the lender will charge.  Many reverse mortgages are very expensive and require thousands of dollars of origination fees and closing costs.  Find a lender who won’t charge such high fees, but make sure the lender is reputable, too.  For more information on this process, read through our reverse mortgage checklist.

About Florida

Florida is one of the most beautiful states in the nation, both in terms of its weather and its beaches.  The state is full of wildlife and forest groves.  This natural serenity has made Florida the retirement capital of the nation.

Over 17% of the state's population is over the age of 60.  "The Sunshine State", also known as the peninsula of the nation, is home to one of the most advanced state elderly departments of any state and offers community-based care to help seniors age with dignity, purpose and security.

Jacksonville, Miami, Tampa, St. Petersburg, Orlando, Fort Lauderdale, Tallahassee, and other cities in Florida are all major destination for seniors and retirees.  Secure a reverse mortgage to fund your retirement in one of these beautiful places.

Popular loan programs

Lenders in: Florida.