Florida Reverse Mortgage
Featured Reverse Mortgage Article
A Florida reverse mortgage, just like other reverse mortgages, is a mortgage for seniors that allows them to use the equity they have in their home for their financial needs.
A Florida reverse mortgage allows you to take the equity within your home in one lump sum or monthly payments that help supplement your monthly income.
The difference between a mortgage and a Florida reverse mortgage, unlike a normal mortgage, it doesn’t require you to make repayments on your equity for as long as you live in the home.
Requirements for a Florida Reverse Mortgage
There are only a few requirements for a Florida reverse mortgage. You must
be at least 62 years of age and you will be required to consult with a credit
counselor either in person or over the telephone.
Finding Out if Your Home is Eligible for a Florida Reverse Mortgage
Any home is eligible for a Florida Reverse mortgage except for most mobile homes.
You would need to check with a Florida reverse mortgage agent to see which
of these are eligible.
The home must be your primary residence for most of
the year. The benefits of a Florida reverse mortgage is that it is a tax free
life time income and there is no repayment, so long as it remains your primary
residence.
There is no credit or income requirements for a Florida reverse
mortgage. You can use the funds from a Florida reverse mortgage for anything
you want and you retain full ownership of your home for as long as you live,
or as long as you live in the house.
You spent years paying for your house.
Now let it pay for you!
