Searching for a reverse mortgage Florida? If so, you will be glad you found us. There is one major difference between ShopReverseMortgages.com and other reverse mortgage companies in Florida.
Our entire business model was built around finding you the best possible deal. This is accomplished by using our large network of banks and making them compete for your business. Gone are the days where you only have one option.
Now that you know how we have separated ourselves from the competition, allow us to teach you about reverse mortgages and how you can tell if they may be right for you or not. It is our goal to inform you on both the pros and cons of a reverse mortgage in Florida along with the benefits.
Reverse mortgages come with many benefits. To some, it may almost seem to good to be true.
The first benefit is safety. Did you know that a HECM reverse mortgage in Florida is guaranteed by the Federal Government? That is right. If you move forward with a reverse mortgage, Florida residents are required to sign two mortgages. This is because home equity conversion mortgages (a type of reverse mortgage) is insured. You can learn more at the FTC website here.
Many residents in Florida might be house-rich and cash-poor. If you desire to have more disposable income while retired in Florida, reverse mortgages can be the answer. By unlocking some of the equity in your home and not having to pay principal or interest, you can obtain a lump sum of cash or payments, while not paying a large chunk of money to your mortgage company.
So if you receive a lump sum of cash or payments via installments, it sounds like you may have sold your home! This is not the case with a reverse mortgage in Florida. In fact, you will enjoy the same benefits you had before the reverse mortgage. In short, every single advantage of being a homeowner remains with you. For instance, you may decide you want to sell your home in 5 years. You are still entitled to do this. However, it is important to note you will have to pay back 100% of the reverse mortgage and any additional funds on top of this are yours.
Now that you have the cash unlocked from your home via a reverse mortgage, you may think your Medicare of Social Security will be effected. This is not the case as proceeds are not earned income since they came from the equity in your home.
Unlike other Florida reverse mortgage companies, we do not work with just one organization. Of course, it is in the best interest of other companies to “close the deal” with their main bank.
However, we present to you several different options from our different providers and allow you to decide what is a favorable deal. Of course, we will use our expertise to advise you what we feel is the best deal.
Being an informative organization, there is never any obligation to move forward if you do not wish to. In fact, we tell all of our customers to be very aware that you can change your mind up to 72 hours after you close on the reverse mortgage, Florida residents greatly enjoy this benefit.
Compare Florida Reverse Mortgage Lenders, Brokers, & Companies:
If you reside in any of the above cities or a different city in FL, and are seeking a reverse mortgage in Florida, allow us to shop the banks for you. Fill out our form to the right and see if you qualify.