Florida Reverse Mortgages
Floridians are increasingly turning to Reverse Mortgages Florida to help them stay in their homes during retirement. The number of HECM reverse mortgage loans in Florida has increased 35% since 2014.1
As one of the largest Florida mortgage lenders in the nation, refinancing reverse mortgages lenders Florida has helped more than 2,400 Florida homeowners through 20192 discover how a reverse mortgage loan can help them access the funds they need to plan for a more secure retirement.
Let Liberty help you turn your home equity into the cash you need. To speak with one of our knowledgeable and trusted advisors licensed in Florida, just complete the quick 2-step Calculator on this page or give us a call today at 866.751.2606!
The population of Seniors Drives Home Equity Business
If you are considering a HUD Home Equity Conversion Mortgage choose a lender from HUD’s list of approved lenders only. There are hundreds verified as reputable HECM lenders through HUD.
FHA Loan Limits in Florida—Key to Federally Insured Reverse Mortgages
The FHA lending limits are key factors in the HECM program. Your home may be valued over your county’s FHA limit, but your HECM will only reflect at maximum the FHA limit. Across most counties, in Florida, the FHA limit is fairly average with the exception of Miami-Dade and Naples-Marco Island areas, where the limits are set significantly higher to account for steep increases in home values, good news for reverse mortgage borrowers in these areas with higher-valued homes.
Low-Cost Single Purpose Loans for Florida Seniors
Many states offer alternatives to conventional reverse mortgages in the form of single-purpose loans and typically for property tax deferral (PTDs) or for necessary improvement or repairs, deferred property loans (DPLs).
DPLs may be available through your local government. For example, the city of Sunrise Florida offers a type of DPL—the Housing Rehabilitation Program for which qualified seniors may apply. The program offers financial solutions for low-income borrowers that have “critical” repairs to make on their homes.
The state of Florida provides a Homestead Tax Exemption of 3 percent on homeowner property taxes, a valuable legislative move for seniors with high-value homes, and with little or no income to cover high-dollar tax bills.
Reverse Mortgage Providers in Florida
Senior homeowners in Florida have a rich well of resources for reverse mortgages. If you are a homeowner, over the age of 62, and hoping to stay in the home permanently, you may be a good candidate for a reverse mortgage. Why not contact a mortgage broker or lender and find out if one of these unique financial products could help you?
Advanced Mortgage Solutions of Southern Florida
This Florida-based company acts as a broker for lending tree reverse mortgage vs home equity loan and clients. Seniors shopping for information on the complexities of a reverse mortgage commercial will also find a wealth of informational material on the website. Advanced Mortgage specializes in helping consumers and lenders discover the right reverse mortgage product for each individual borrower.
AmeriFirst is another Florida-based company and specializes in providing reverse and traditional mortgages, as well as counseling seniors on all aspects of their mortgage. They even provide educational material on foreclosure so you understand the risks of owning a home. This HUD-approved lender offers the Home Equity Conversion Mortgage (HECM).
Bank of America
Easily one of the leading lenders in the country, a retail bank that also offers a couple of popular reverse mortgage products. Borrowers may opt to use the HUD Home Equity Conversion Mortgage (HECM) or the proprietary Senior Equity Reverse Mortgage Platinum. This second choice features all the characteristics of a HECM, except that it’s not open to manufactured homes, but offers an option to reserve a portion of the home’s equity. This perk allows seniors to safeguard a piece of their home’s value especially if it’s being left for heirs.
Again, this company has been touted as one of the largest volume dealers in reverse mortgages. FF is available nationwide. By far the most popular reverse mortgage product on the market today is the federally insured Home Equity Conversion Mortgage (HECM). Financial Freedom specializes in making this product as accessible as possible. They offer a fixed and variable rate HECM. But for borrowers that need a little higher lending limit, there is either the Fannie Mae Home Keeper or a jumbo private reverse mortgage unique to FF: the equally popular Cash Account Advantage Plan.
Seniors First Mortgage
This “seniors first” company provides mortgage services exclusively to senior borrowers. Offices are located throughout the mid-Atlantic and southeast, including Florida. The company provides direct reverse mortgages to borrowers that qualify for the federally insured HECMs.
Shopping for a Reverse Mortgage
If you’re considering a reverse mortgage, shop around. Decide which type of reverse mortgage might be right for you. That might depend on what you want to do with the money. Compare the options, terms, and fees from various lenders. Learn as much as you can about LendingTree reverse mortgage before you talk to a counselor or lender. And ask lots of questions to make sure a reverse mortgage could work for you – and that you’re getting the right kind for you.
Which of the following is true regarding the annuity period, here are some things to consider:
Do you want a reverse mortgage to pay for home repairs or property taxes? If so, find out if you qualify for any low-cost single purpose loans in your area. Staff at your local Area Agency on Aging may know about the programs in your area. Ask about “loan or grant programs for home repairs or improvements,” or “property tax deferral” or “property tax postponement” programs, and how to apply.
Do you live in a higher-valued home? You might be able to borrow more money with a proprietary reverse mortgage. But the more you borrow, the higher the fees you’ll pay. You also might consider a HECM loan. A HECM counselor or a lender can help you compare these types of loans side by side, to see what you’ll get – and what it costs.
Compare fees and costs. This bears repeating: shop around and compare the costs of the loans available to you. While the mortgage insurance premium is usually the same from lender to lender, most loan costs – including origination fees, interest rates, closing costs, and servicing fees – vary among lenders.
Understand total costs and loan repayment. Ask a counselor or lender to explain the Total Annual Loan Cost (TALC) rates: they show the projected annual average cost of a reverse mortgage, including all the itemized costs. And, no matter what type of reverse mortgage you’re considering, understand all the reasons why your loan might have to be repaid before you were planning on it.
Be Wary of Sales Pitches for a Reverse Mortgage
Is a reverse mortgage right for you? Only you can decide what works for your situation. A counselor from an independent government-approved housing counseling agency can help. But a salesperson isn’t likely to be the best guide for what works for you. This is especially true if he or she acts like a reverse mortgage is a solution for all your problems, pushes you to take out a loan, or has ideas on how you can spend the money from a reverse mortgage.
For example, some sellers may try to sell you things like home improvement services – but then suggest a reverse mortgage as an easy way to pay for them. If you decide you need home improvements, and you think a reverse mortgage is a way to pay for them, shop around before deciding on a particular seller. Your home improvement costs include not only the price of the work being done – but also the costs and fees you’ll pay to get the reverse mortgage.
Some reverse mortgage salespeople might suggest ways to invest the money from your reverse mortgage – even pressuring you to buy other financial products, like an annuity or long-term care insurance. Resist that pressure. If you buy those kinds of financial products, you could lose the money you get from your reverse mortgage. You don’t have to buy any financial products, services, or investment to get a reverse mortgage. In fact, in some situations, it’s illegal to require you to buy other products to get a reverse mortgage.
Some salespeople try to rush you through the process. Stop and check with a counselor or someone you trust before you sign anything. A reverse mortgage can be complicated and isn’t something to rush into.
The bottom line: If you don’t understand the cost or features of a reverse mortgage, walk away. If you feel pressure or urgency to complete the deal – walk away. Do some research and find a counselor or company you feel comfortable with.