How Do Reverse Mortgages Work? – New Florida Mortgage

Reverse mortgages-they are the. why individuals would go after a reverse mortgage,” said Mario Quintero, mortgage loan originator with Strock & Tanner Mortgage Corporation, which serves Florida and.

Reverse Mortgage Guides is a reverse mortgage educational website. Our goal is to help explain many of the pros and cons of a Home Equity Conversion Mortgage (HECM) for homeowners. We publish articles and tools for older Americans who are considering a reverse mortgage and want to become further educated before making a decision.

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Reverse mortgages enable you to convert your home equity into cash, but while most homes are eligible, some are not. If you live in a condominium, your property and homeowners’ association may need to meet certain additional requirements in order for you to get a reverse mortgage.

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How do reverse mortgages work to a homeowners’ advantage? The biggest benefit is the income it may be able to provide in retirement. If you expect to keep your spending at its current level or increase when you retire, a reverse mortgage may smooth the transition and fill in any gaps left behind when you’re no longer drawing a salary from your employer.

Reverse Mortgage Guides is a reverse mortgage educational website. Our goal is to help explain many of the pros and cons of a Home Equity Conversion Mortgage (HECM) for homeowners. We publish articles and tools for older Americans who are considering a reverse mortgage and want to become further educated before making a decision.

Florida Reverse Mortgages. Floridians are increasingly turning to Reverse Mortgages to help them stay in their homes during retirement. The number of hecm reverse mortgage loans in Florida has increased 35% since 2014. 1 As one of the largest reverse mortgage lenders in the nation, Liberty Home Equity Solutions, Inc. (Liberty) has helped more than 1,100 Florida homeowners since 2011 2 discover.

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Read on to learn if you’re eligible, how you can apply to reverse mortgage lenders and if a reverse mortgage is right for you. reverse mortgages: How do they work? A reverse mortgage allows homeowners age 62 and up to borrow from one of their most valuable assets – their home equity.