REVERSE MORTGAGES
OF
FLORIDA
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What is a reverse mortgage? A reverse mortgage is a home equity loan tailored to meet the needs of seniors that does not have to be repaid as long as they live in their home. Who qualifies for a reverse mortgage? Homeowners at least sixty-two years old who use their home as their primary residence qualify for a reverse mortgage. How much money can I borrow? The amount received is based on the value of the home and the age of the borrower. Someone sixty-two years old will qualify for about 55% of the value of the home or the county limit. Someone eighty-five years old would qualify for about 75% of the value of the home or the county limit. These amounts are estimates only and may vary depending upon current interest rates. Please contact our office for current rate information. My credit is not good; does that eliminate me from getting a reverse mortgage? Credit is not taken into consideration when applying for a reverse mortgage. You can even get a reverse mortgage if you have been through bankruptcy. However, all liens against the property must be satisfied from the proceeds of the reverse mortgage before the homeowner receives any funds. Can I get a reverse mortgage if my home is in foreclosure? Many homes have been saved from foreclosure or tax sale with proceeds received from a reverse mortgage. Most mortgage companies do not want the expense of foreclosing on a home and will wait until you get reverse mortgage approval if they are notified by the lender that you have made an application. How is this loan repaid? When the borrower no longer resides in the home, the amount borrowed, plus accrued interest is paid from the sale of the home, or it is repaid by the heirs if they choose to keep the home. The remaining equity goes to the homeowner or the heirs. How can I get a reverse mortgage? Call Cindy Merrifield at 1-888-435-7353 to learn about reverse mortgages and other programs available to seniors. If you are in Brevard County, you can reach us locally at 633-0868. |
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