Monday, August 3, 2015 - Article by: Suzen Ashley - Z Reverse Mortgage -
We all have different requirement at different times in life for which we have to count on self and nobody else and it is a hard fact with which we have to live with. Financial independence is the best gift that anyone may offer to self and for this reason people to financial planning as soon as they start earning or pick up a job. It is important from all the angles as we are capable of managing anything and everything at the age and time when we are in service and earning but when we are retired the scenario changes. Post retirement with limited means of revenue one has to think twice prior to making any unnecessary expense and has to manage his expenses in accordance to what he/she has. Life changes drastically once a person starts depending upon his retirement fund and is no more in the earning capacity.
However life is pretty uncertain and one many never know what kind of expenses you might have to incur in your life and whether you have funds for it or not. A lot of smart planners though make sure that come what may they plan their finances so well that they hardly compromise on their lifestyle even post their retirement. Rather a lot many state that it is the glorious years of their life with no responsibility and they can enjoy their life and time the way they wish to now after years of hard work. But everyone is not that lucky and might face a financial need post retirement and for that reverse mortgage is the solution to all such needs.
Now a lot of you might have this question in your mind what is a reverse mortgage? So, let us explain that reverse mortgage is a government insured program which allows anyone to exchange a portion of his/her homes equity for cash. In simple words you can get cash by offering your home as equity and it is reverse mortgage because instead of you making mortgage payments the lender makes cash payments to you.
There are many reverse mortgage companies in Florida and majority of people who are above 62 years of age choose reverse mortgages in Florida for their financial needs. Anyone who is 62 and above years of age owning a property as primary residence which is an FHA approved property or a single family home [2-4 unit home] or a HUD approved condominium can apply for reverse mortgage through any reverse mortgage lender Florida.
People choose this format of mortgage as it is a source of regular tax free income as it is treated as a loan and not income. They get to stay in their home for the rest of their life and even if they choose to move the existing equity of the sale is all theirs and thus they can increase their purchasing power at this age and enjoy their life in style.
Didn't find the answer you wanted? Ask one of your own.
Are you a mortgage or real estate professional?