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Reverse Mortgage Options Florida

There are many different reverse mortgage options: single purpose reverse mortgages, federally insured reverse mortgages, and proprietary (private sector) reverse mortgages. Each option has different pros and cons that need to be considered.

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

Single-Purpose Reverse Mortgages

A single purpose reverse mortgage is the lowest-cost type of reverse mortgages to obtain, but as the name indicates it can only be used for one specified purpose. They are typically offered by state or local government agencies. These loans a great for individuals who need cash for a specific purpose like paying property taxes or fixing up there homes. Here are descriptions for several different types of single purpose reverse mortgages:

Property tax deferral (PTD) mortgages are reverse mortgages that provide loan advances for paying property taxes.

Deferred payment loans (DPLs) are reverse mortgages providing lump sum disbursements for repairing or improving homes.

Federally Insured Reverse Mortgages

A federally insured reverse mortgage is the only reverse mortgage insured by the Federal Housing Administration (FHA). These reverse mortgage are one of the lowest-cost multipurpose reverse mortgages currently available. Overall they typically provide the largest total cash benefits of all the reverse mortgage options. The proceeds from a federally insured reverse mortgage can be used for any purpose. These loans are also known as Home Equity Conversion Mortgages (HECMs).

Proprietary Reverse Mortgages

A proprietary reverse mortgage is a mortgage product owned by a private company. These type of loans are more expensive then the other reverse mortgage types and should be approached with caution. Anyone looking into these type loans should get a comparison with a similiar HECM. One benefit of proprietary reverse mortgages are the higher home value limits. So, if you live in a home that is worth a lot more than the average home value in your county, a proprietary loan may give you greater loan advances than a Home Equity Conversion Mortgage (HECM).

As with any financial decision, you should get professional help to help you decide which option is best for your situation. Reverse mortgage counselors can help you evaluate each of your options and help you make an informed decision.

About the Author:

Charles Kirkendall writes about reverse mortgages and other senior financial issues. Visit http://www.reverse.settle-today.com or http://reverseannuity.blogspot.com for more information and resources.


Article Source:

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Featured Local Company

1st Metropolitan Mortgage

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