Reverse Mortgage Providers in Florida. Senior homeowners in Florida have a rich well of resources for reverse mortgages. If you are a homeowner, over the age of 62 and hoping to stay in the home permanently, you may be a good candidate for a reverse mortgage.
Foundation Mortgage is a local, direct lender assisting clients with their Reverse mortgage needs in Florida since 1998. Tampa is one of the most complex mortgage financing markets in the country. Foundation Mortgage is comfortable lending money in Tampa.
Most states have seen falling home values since 2007. It is very likely that, had you received the reverse mortgage around 2007, your home value could be equal to the current balance.
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Florida Reverse Mortgage. A Florida reverse mortgage is a financial solution that has grown in popularity over the last decade with our clients who are over the age of 62; it can be thought of as the opposite of a conventional mortgage, and offers financial freedom for those who qualify.
Proudly Serving all of Arizona The Federal Savings Bank ~ Bill Binkey, Specializing in The Reverse Mortgage Program 8800 N gainey ctr dr, Ste 205, Scottsdale, AZ 85258 About The Federal Savings Bank | Contact Bill Binkey for Help & Information: Phoenix Metro, Tucson, Flagstaff, and Prescott
Reverse Mortgage Glossary of Terms. Adjustable Rate: An interest rate that will change during the life of the loan based on an index.. Annuity: An insurance product that pays out an income stream and is often used as part of a retirement strategy. Appraisal: A professional estimate of the value of your home based on the features of the property and comparable sales in the area.
Reverse Mortgage Pros and Cons Pros of Reverse Mortgages. Provides flexible disbursement options (i.e. monthly or line of credit) Homeowner stays in the home without making monthly mortgage payments* eliminate any existing mortgage; Heirs are not personally liable if payoff balance exceeds home value
Most reverse mortgages have variable rates, which are tied to a financial index and change with the market. Variable rate loans tend to give you more options on how you get your money through the reverse mortgage. Some reverse mortgages – mostly HECMs – offer fixed rates, but they tend to require you to take your loan as a lump sum at closing.
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