Non FHA Reverse mortgage Florida

With a HECM reverse mortgage

Currently, the HECM (Home Equity Conversion Mortgage) is the most popular reverse loan program in Florida as well as the rest of the country. With a HECM reverse mortgage, you have several options to choose from including fixed rates, adjustable rates and purchase reverse mortgages.

FHA Reverse Mortgages in Florida

Seniors in Florida are really seeing a benefit due to the Government's passing of the American Recovery and Reinvestment Act of 2009, which increased the national reverse mortgage lending limit to $625, 500. What that means to seniors looking to get a Florida reverse mortgage is an increase in the total benefit available to them.

We serve all of Florida, including Bradenton, Clearwater, Cape Coral, Coral Gables, Daytona Beach, Fort Lauderdale, Fort Myers, Fort Pierce, Gainesville, Jacksonville, Lakeland, Miami, Naples, Ocala, Orlando, Pensacola, Punta Gorda, Sarasota, Tampa, West Palm Beach and everywhere in between.

For comprehensive reverse mortgage information, please see the links to the left and above. If you would like someone to contact you, please fill out the form to the right.

Florida Reverse Mortgage Numbers

Florida HECM Originations
Rank HUD Field Office Total Area Originations
9, 406
3, 943
3, 546
2, 686

Total for FLORIDA: 19, 581

The above chart shows HECM Loans Originated in FLORIDA rolled up to the HUD Field Office level Performance Period: Displaying HECM loans that were endorsed within the past year Data shown includes all cases with beginning endorsement date between December 01, 2007 and November 30, 2008. Data sorted by Area Name in Descending Order. Data Source: HUD Neighborhood Watch

Considering a Non-FHA Reverse Mortgage?

Due to the current housing market conditions, we are not able to offer a Florida Jumbo reverse mortgage. Keep checking back periodically, as it is our belief that the jumbo, non-FHA, proprietary reverse mortgage market will be returning soon.


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FHA backing away from Reverse Mortgages....

2009-09-22 15:05:48 by Apprsr

FHA Looking to Decrease Its Exposure to Reverse Mortgages
Reverse mortgage lenders are learning that the Federal Housing Administration is moving quickly to implement a reduction in the loan proceeds that seniors can receive from a FHA-insured Home Equity Conversion Mortgage.
Mortgagedailynews.com


Declining home values squeeze reverse mortgages

2009-10-04 22:05:18 by Apprsr

Kenneth Harney
Sunday, October 4, 2009
(10-04) 04:00 PDT Washington - --
Declining home values have put a serious squeeze on one of the mortgage market's most popular and fastest-growing financing concepts: the Federal Housing Administration's reverse mortgage program for seniors 62 and older.
In a letter to reverse mortgage lenders Sept. 23, FHA Commissioner David Stevens said his agency must reduce the maximum amounts seniors can receive on reverse mortgages because of a $798 million estimated deficit in the program in the coming fiscal year

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SENIOR SIGNALS: Pros and cons of reverse mortgages  — Bristol Press
30, 2013, the Federal Housing Administration placed strict limits on loan sizes and raised mortgage insurance premiums designed to encourage slow, steady home equity withdrawals. So don't automatically rule out reverse mortgage. It may fit your needs.

Predictions: Can You Wait For Lower Mortgage Rates In 2014?  — The Mortgage Reports
The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Waterstone Mortgage Corporation. The views and opinions ..

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  • Avatar Roger Given the state of the economy,why does it take so long to get a home owners loan?
    Nov 03, 2011 by Roger | Posted in Renting & Real Estate

    Most FHA or Rural Development loans take a very log time for approval,although the persons applying for the loan can obviously afford it. One was told,you ll have to elsewhere you make to much money? If they can afford it why not have the loans processed faster to accomadate those who need housing?

    • Because no one can afford to back a loan that will fail, so lenders are extra careful.