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How To Get a Reverse Mortgage Florida

Local Companies

1st Metropolitan Mortgage
904-992-1000
4745 Sutton Park CT
Jacksonville, FL

1st Preference Mortgage
904-279-9292
10201 Centurion Pkwy N
Jacksonville, FL

American Mortgage Loan Co
813-636-9880
600 N West Shore Blvd
Tampa, FL

AESM Enterprises
1-866-577-5709
1161 6th ave s.w.
Largo, FL

Mortgage Banking
305-682-3870
19495 Biscayne Blvd.
Aventura, FL

Best Mortgage Available.com
(941) 227-4759
5521 38th Ave N.
St. petersburg, FL

The Promenade
305-374-5455
333 S. Miami Ave., Ste. 150
Miami, FL

Global Financial Funding Corp
954-668-2770
12555 Orange Drive
Davie, FL

CHUCK KABIS MRA, CMC
239-298-3090
1019 CROSSPOINT DR
NAPLES, FL

AMERICA ONE FINANCE
305.9718272
sw
MIAMI, FL

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Reverse mortgages can be a way to help an elderly individual or couple receive the money they need to make the rest of their lives comfortable, to finance a medical need, or to get them out of a financial bind. With a reverse mortgage, a lender will pay you a lump sum or monthly payments and in return, the lender will have ownership over your home when you pass or move out of the home. Additionally, if you sell your home, the loan will need to be repaid in full. A reverse mortgage is not a decision that should be taken lightly. It seems like a great deal, but there are also many factors to consider. The steps below will help you through the process.

Decide which type of reverse mortgage fits you best. You can choose from a single-purpose reverse mortgage, which is given out by the government and nonprofit companies, a Home Equity Conversion Mortgage, which allows your mortgage to be insured by HUD, and a proprietary reverse mortgage, which is a fully private loan.
Make sure you meet the minimum requirements for the type of reverse mortgage you choose. These usually include being 62 or older, owning your own home (which may or may not have mortgage payments remaining on it), and using the home as your primary residence. Some programs may have their own requirements, such as income guidelines.
Determine what you can get from your home and if it is enough to fulfill your needs.
Determine how you will receive your funds. You can choose from lump sum payment, a line of credit (which you can access when you need), a monthly payment (which will be a set amount paid at the same time every month), or you can combine a number of methods if you need flexibility. Each of these options will have its own advantages or disadvantages depending on your situation.

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Author: Julie Bonner

Featured Local Company

1st Metropolitan Mortgage

904-992-1000
4745 Sutton Park CT
Jacksonville, FL

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