Reverse Mortgage Lenders in Florida

One of the leading Reverse

There may be no more suitable location for reverse mortgage lenders to set up shop than in Florida. Dozens of reputable financial companies are available, including nationally known and regional favorites.

FHA Loan Limits in Florida—Key to Federally Insured Reverse Mortgages

The FHA lending limits are key factors in the HECM program. Your home may be valued over your county’s FHA limit, but your HECM will only reflect at maximum the FHA limit. Across most counties in Florida the FHA limit is fairly average with the exception of Miami-Dade and Naples-Marco Island areas, where the limits are set significantly higher to account for steep increases in home values, good news for reverse mortgage borrowers in these areas with higher valued homes.

Low-Cost Single Purpose Loans for Florida Seniors

Many states offer alternatives to conventional reverse mortgages in the form of single purpose loans and typically for property tax deferral (PTDs) or for necessary improvement or repairs, deferred property loans (DPLs).

  • DPLs may be available through your local government. For example, the city of Sunrise Florida offers a type of DPL—the Housing Rehabilitation Program for which qualified seniors may apply. Program offers financial solutions for low-income borrowers that have “critical” repairs to make on their homes.
  • The state of Florida provides a Homestead Tax Exemption of 3 percent on homeowner property taxes, a valuable legislative move for seniors with high-value homes and with little or no income to cover high-dollar tax bills.

Reverse Mortgage Providers in Florida

Senior homeowners in Florida have a rich well of resources for reverse mortgages. If you are a homeowner, over the age of 62 and hoping to stay in the home permanently, you may be a good candidate for a reverse mortgage. Why not contact a mortgage broker or lender and find out if one of these unique financial products could help you?

Advanced Mortgage Solutions of Southern Florida

This Florida-based company acts as a broker for reverse mortgage lenders and clients. Seniors shopping for information on the complexities of a reverse mortgage will also find a wealth of informational material on the website. Advanced Mortgage specializes in helping consumers and lenders discover the right reverse mortgage product for each individual borrower.

AmeriFirst

AmeriFirst is another Florida-based company and specializes in providing reverse and traditional mortgages, as well as counseling seniors on all aspects of their mortgage. They even provide educational material on foreclosure so you understand the risks to owning a home. This HUD-approved lender offers the Home Equity Conversion Mortgage (HECM).


Back-up plan: reverse mortgages can help folks afford retirement, but are they a good offering for insurers with banks?(Life: Reverse Mortgages)(Statistical table): An article from: Best's Review
Book (A.M. Best Company, Inc.)

3 to 5 year minimum

2009-01-31 11:30:30 by RM_Guy

If you are considering a reverse mortgage, plan on staying in the home for at least 3 to 5 years. I do not advise a shorter time period. The longer you have a reverse mortgage the less expensive the closing costs become. This is because you spread the costs over a greater number of years, thus lowering the annual costs.
In this respect they are similar to a "forward" mortgage. You would not get a 30 year forward mortgage if you knew you were leaving the home in 2 years, too expensive.
There are no "points" in a reverse mortgage. HUD does not allow such deception in reverse mortgages

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CredAbility Sees Increasing Success Among Reverse Mortgage Default ..  — Reverse Mortgage Daily
“We continue to see 8% to 10% of homeowners with reverse mortgages struggling to pay property taxes and homeowners insurance,” said Hunt Brown. “We want to support these homeowners to age in place. ..

S1L Launches College Tuition Program for Reverse Mortgage Borrowers  — Reverse Mortgage Daily
Security 1 Lending has announced the launch of a new partnership that will allow its reverse mortgage borrowers to help in paying for their grandchildren's college tuition needs.

Real estate transactions Dec. 16, 2013  — Bradenton Herald
$582,742 Taylor Morrison of Florida Inc to Craig Alice L, Williams Tara S, Lot 93 Esplanade, O.R.

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