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The HECM is FHA’s reverse mortgage program that enables you to withdraw a portion of your Florida home’s equity. You can also use a Florida reverse mortgage to purchase a primary residence if you are able to use cash on hand to pay the difference between the mortgage proceeds and the sales price plus closing costs for the Florida home you are purchasing.
The loan is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower. The borrower is not required to pay back the loan until the home is sold or otherwise vacated. As long as the borrower lives in.
A reverse mortgage florida home loan, however, could inject a large lump sum of cash into your budget without requiring immediate repayment. This type of reverse mortgage Florida home loan program is available if you own a home outright or only owe a small amount. After completing the new loan, you will receive cash from the lender.
Welcome to the Florida reverse mortgage help center. Larry McAnarney is your florida licensed reverse mortgage Specialist. Please contact Larry for additional details and program offerings. Contact us if you would like to know how much money is available to you or request a reverse mortgage quote and fill out the appropriate information.
What is a Reverse Mortgage Reverse mortgages were conceived as a means to help people in or near retirement and with limited income use the money they have put into their home to pay off debts (including traditional mortgages), cover basic monthly living expenses or pay for health care.
The risks associated with reverse mortgages go beyond being targeted by scammers. Many times our own unfamiliarity with real estate jargon or financial concepts can put a crimp in our ability to find the best possible deal. First of all, you should know your needs: Is a reverse mortgage right for your specific situation? What do you need the.
Your florida reverse mortgage loan Specialists If you or a family member would like an informational package or an appointment with one of our local specialists please call 305-271-9349 -or- complete our online questionnaire and we will send quick benefits package via email.