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Reverse Mortgage Florida

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Reverse Mortgage Line of Credit vs Home Equity Line of Credit

For many homeowners over the age of 62, money usually only goes out and rarely comes in. There are miscellaneous expenses that must be paid, such as food to consume and property taxes; and there are other expenses, such as traveling to see your grandchildren and paying off medical expenses.

However, there is an excellent financial product that allows money to come in, which is a reverse mortgage. A reverse mortgage allows seniors over the age of 62 to tap into their home equity without having to go through the tedious process of moving from or selling the home. ..Read More>>

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Key Questions to Ask About Reverse Mortgages

Have questions about a reverse mortgage? This article addresses key questions to that are often asked about reverse mortgages. Our company, Shop Reverse Mortgages, is adamant about customer service and satisfaction because we view each as paramount to our long-term success. It is important that you understand the reverse mortgage process before initiating into it.

Happy grandparents with their grandchildren

What is a reverse mortgage loan?

A reverse mortgage is an accessible financial instrument for seniors age 62-years or older who own a majority or all of the equity in their home. Basically, how a reverse mortgage works is that it allows the exchange of money for the equity in the person’s home. A reverse mortgage allows seniors to access the equity in their home until they (1) decide to sell the home; (2) move to a different location for more than 12 months; or, (3) when they become deceased. At any of the three points, the person is required to repay the loan, which includes the amount originally disbursed plus the interest and additional charges and fees. ..Read More>>

HECM Reverse Mortgage Loan Limits for 2016

Gerard Moonen - UnsplashRecently, I had the pleasure to welcome a lovely couple to my office where we discussed options in obtaining financing. They have been married since their 20s and have had a remarkable, long life together. The couple was facing a problem that demanded their full attention—the wife was recently diagnosed with cancer.

While not the first time I had an opportunity to help a couple facing a medical emergency, this time I could see more easily than others how damaging this was to her husband. They needed money to cover the cost that the insurance company required. We discussed their assets and liabilities and determined that their best option was to receive a cash infusion from a reverse mortgage. ..Read More>>

reverse mortgage scam

How to Avoid Reverse Mortgage Scams

Villain Seeking to ScamFor every successful financial product, there are a host of bad characters who manipulate such products for their own means, rather than in their clients’ best interests. To best understand the financial tool that is a reverse mortgage and common methods to scam, it is best to first begin by comparing and understanding the similarities and differences between the reverse mortgage and a traditional mortgage. ..Read More>>

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Can a Reverse Mortgage be a Retirement Tool?

Roll of CashImagine having an extra $25,000 dollars right now. How would you spend it?

Capital is known to become dry for persons over the age of 62. Most Americans near or past that age choose to retire and then must live off of savings that they built due to their excellent foresight during their younger years. ..Read More>>

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How a Reverse Mortgage can Impact Your Taxes

Are you interested in receiving a no risk cash infusion?

After contributing to society for decades, many retirees love the options that their new lifestyle has. This can include the opportunities to kick back, relax, and devote your free time to tackling your unique interests. Common interest pursued by retirees can include, and is not limited to painting, travel, or spending more time with your family—especially your grandchildren. ..Read More>>

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Florida Reverse Mortgage News

Reverse mortgages in Florida are making a surprising turnaround. Just a few years ago in 2012, when the housing market declined, it was known as the latest housing bubble. Housing prices were significantly slashed making traditional refinances along with reverse mortgages hard to fund.

The reasoning is simple, people were surprised to hear the value of their homes was so significantly low. With appraised values at an all-time low, many quickly realized they did not have the equity in the home they once thought they had.

This led to many people walking away form their homes as they were actually upside down. Banks faced more foreclosures and it was a grim situation. ..Read More>>