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What Is Needed To Qualify For A Florida Reverse Mortgage
- Borrowers Age– Must be at least 62 years old the older the age the more you can potentially qualify for.
- Borrowers Credit Score– Higher score can help qualify for more.
- Borrowers Income– Minimum income requirements for taxes and insurance.
- Borrowers Assets– More assets can help qualify for more.
- Estimated House Value-Home value is directly tied to the amount of the loan.
- Current Loan Payoff (If applicable)- Current liens are subtracted from the qualifying loan amount.
- Borrowers Monthly Expenses- Used to help qualify borrowers.
Florida Reverse Mortgage Pros And Cons
Florida Reverse Mortgage Pros
More Cash Flow
Pay-Off Current Mortgage
- Florida and Boca Raton Home Values Going Up Letting You Take More Out
Stay in Your Current House Long Term
Don’t Need To Pay Taxes On The Income
Line Of Credit Can Grow With The Value Of The House
Florida Reverse Mortgage Cons
Closing Costs
Still Required To Pay Annual Home Taxes And Insurance
Hiers Must Either Pay Back The Loan Or Sell The House And Keep The Difference
- Lender Specific Rules Regarding Amount That Can Be Withdrawn In Certain Time Window
About Florida Reverse Mortgage Boca Raton:
At MJS Financial LLC we want to make sure borrowers fully understand the loan and its features before committing to a deal. A Florida reverse mortgage is a loan that enables homeowners that are 62 years of age or older to use the equity they have belt up for years in their homes to obtain cash and/or cash flow that can be used at the homeowner’s discretion.
We are licensed throughout the entire state of Florida and are happy to assist you with your reverse mortgage needs. Our office is located in Boca Raton a beautiful part of South Florida.
As the name reverse mortgage suggests the mortgage operates opposite to traditional mortgages. Whereas in a traditional mortgage you would be paying the lender each month thus gaining equity in the home. In a Florida reverse mortgage, the lender pays depending on the payment schedule for equity in the home.
The majority of Florida reverse mortgages operate like a line of credits on the house letting you tap into the capital as you need rather than monthly payments.
A Florida reverse mortgage does not have to be repaid until the last surviving borrower or remaining eligible non-borrowing spouse passes away or sells the home.
Failure to meet the specific Florida reverse mortgage loan obligations, which can include but are not limited to: paying property taxes and insurance, keeping the home maintained, etc.. can result in the lender calling for the payback of the entire loan.
Almost all Florida reverse mortgage loans being originated today are federally insured by the Home Equity Conversion Mortgages (HECMs), other reverse mortgage loans are offered by private lenders and can be state-specific. To learn more about reverse mortgages click here and here.