Florida Reverse Mortgage
A Florida reverse mortgage is a financial solution that has grown in popularity over the last decade with our clients who are over the age of 62; it can be thought of as the opposite of a conventional mortgage, and offers financial freedom for those who qualify. There are also HECM (Home Equity Conversion Mortgage) solutions and proprietary loans (jumbo reverse mortgages) available as well.
Why Should You Consider a Reverse Mortgage?
Income from a reverse mortgage is tax-free (consult your tax professional) and available quickly – usually within 5 days of escrow closing.
HECM for Purchase is a great way to buy a new home and get a reverse mortgage at the same time.
Your home can be turned into a home pension!
Get rid of your monthly mortgage payment!
A reverse mortgage is a tool that homeowners and financial planners are using to supplement retirement income; some financial planners also use it to postpone Social Security payments for clients so that they receive higher benefit payments.
Do I Qualify for a Reverse Mortgage?
Most homeowners who are at least age 62 make great candidates. If you are age 62+ with at least fair credit, you own your own home in Florida, you claim it as your main residence, and that home has built up equity, you most likely will qualify.
This type of financial solution can help you tap into the accumulated equity of your home and make it pay you each month! You’re able to use the funds you receive for anything – a vacation, medical care, debt consolidation, or for a major purchase. There are no monthly payments from you required, and your monthly disbursements are tax-free (consult your tax professional). There are several options available that may suit your needs and goals for your retirement, and Trinity can help you attain them. You may find that a jumbo reverse mortgage or HECM program may be well-suited to your needs.
What are My Options for Receiving Payments?
Trinity clients enjoy several ways by which they can receive income from a reverse mortgage:
- A lump sum payment at close or anytime they like
- Monthly payments over the life of the youngest borrower; these are known as tenure payments
- Term payments, which are made over months or years
- An equity line (or credit line) that accrues interest on funds that remain on the line
- A combination of these payment options
We offer consultation on a wide variety of reverse mortgage solutions. If a reverse mortgage isn’t the best solution for your situation, we may recommend a consultation with a financial planner, a traditional refinance, or a property trade followed by a reverse mortgage. We also may recommend that you make no changes to your current loan.
Don’t wait any longer and call Trinity today, 1-866-707-4664.
*Trinity Mutual is not a lender, but a mortgage broker who looks for the best lender for your loan.