Who Qualifies for a Florida Reverse Mortgage?
A Florida reverse mortgage is a unique financial instrument designed to benefit property owners age 62 and older. Though we help individuals with all types of loans, Miami-based Strock & Tanner Mortgage specializes in a Florida Reverse Mortgage. Typical clients for a Florida reverse mortgage are senior citizens who are searching for a method to tap their home’s equity without being required to repay the loan while they still live and reside in their home.
How does a Florida reverse mortgage work?
A reverse mortgage pays you by returning you the equity in your home. You do not have to repay the proceeds until death. So, you may live in the home comfortably without making mortgage payments. You are still responsible for insurance and taxes. Many Florida seniors are you using a Florida reverse mortgage today in order to offset their retirement. This tool allows for the optimum quantity of flexibility to resolve your specific financial requirements and needs.
Say, for instance, you need to pay healthcare expenses or any other regular payments to help subsidize your monthly income and earnings. Unlike standard and traditional home equity loans, you do not have to repay a Florida reverse mortgage until you die. You must continue living in this house, however.
The accumulated interest plus any money the loan provider has actually paid you becomes due and must be paid accordingly. If you would like to know more about our services, please visit our company website or contact us in this link: http://stcloans.com/MessageUs.php.
Interested in learning more about a Florida reverse mortgage? I’m Mario Quintero, your mortgage & realtor for life. Let me be your Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Contact me today at 305-598-1600.