A comfortable retirement is as much a part of the American dream as owning your own home.
Could you use more financial flexibility during your golden years to make your dreams come true?
With a reverse mortgage, you can borrow against your home equity for cash.
Since your reverse mortgage does not need to come due during your lifetime, you can reside in your home for the rest of your life.
What is a Reverse Mortgage?
A reverse mortgage is a lending product just for seniors who own significant home equity.
You can tap into that equity for a substantial loan.
As the borrower, it is your choice whether to receive a lump sum, a line of credit, or installment payments.
Make Your Dreams Come True in Retirement
One of the features that makes a reverse mortgage so special is that no one but you gets any say in how you use your funds.
Here are some ways that Florida homeowners like to use their reverse mortgage income:
- Pay for medical bills.
- Cover monthly expenses.
- Pay off high-interest debts.
- Create an emergency fund.
- Make home repairs or upgrades.
- Pay auto repair costs.
- Buy a new car.
- Make a down payment on a second home.
- Take a vacation.
No matter what you have in mind, reverse mortgage income can help you live your best life.
Benefits of a Reverse Mortgage in Florida
- There are multiple options for receiving your funds. Based on what will work best for you, you can decide how you want them disbursed.
- For many borrowers, reverse mortgages have tax benefits. Ask your tax advisor whether you can expect this to be true in your case.
- You can use the income from the reverse mortgage any way you want without restrictions.
- Only when a maturity event occurs does the loan become due. So long as you are living in the house, you will not owe repayment of the loan. But if you sell it, that is a maturity event. The death of the last borrower also is a maturity event.
You must maintain your house and remain up-to-date on all your payments, or the loan will become due.
Are You Eligible for a FL Reverse Mortgage?
Eligibility for a reverse mortgage is contingent upon the following:
- At least one borrower on the reverse mortgage must be age 62 or higher. It is not necessary for every borrower to be this age.
- All home maintenance payments must be current. They will also need to stay current for the duration of the reverse mortgage.
- You must have the minimum amount of required equity in your home.
- As would be true if you were applying for any other type of mortgage, we will assess your tax history, credit score, and income.
Achieve Financial Freedom in Retirement
If you are ready to increase financial comfort and pursue your dreams in retirement, you can apply for a reverse mortgage by calling America’s Mortgage Solutions at (561) 316-6800. We work with senior homeowners throughout the state of Florida.