Reverse Mortgage Hialeah

If you are looking for solutions to financing your retirement, you have come to the right place. If you are 62 years of age or older and own your home with sufficient equity, you may be eligible for a Home Equity Conversion Mortgage (otherwise known as a reverse mortgage loan). At Sun Capital Mortgage, we help homeowners just like you with financing a safe and comfortable retirement that makes sense within their lifestyle and budgetary needs.

Financing a Comfortable Retirement Made Simple

When it comes to planning retirement, many homeowners are looking to reverse mortgages. If you own your home, it is your primary residence and have acquired sufficient equity, you may now have access to that equity without having to get a second mortgage in Hialeah or sell your home. Many people choose a reverse mortgage in order to completely eliminate their first mortgage and improve their cash flow.

Your Lender Pays You

In the case of a reverse mortgage, your lender pays YOU based on the equity in your home. This will not need to be paid off until your home is sold. Think of what you could do with extra money in the bank.

  • Supplement your income
  • Pay off debts
  • Pay for any healthcare expenses
  • Fund home improvements
  • Have extra cash in the bank for peace of mind

Choose How You Want the Funds

Depending on the type of loan you choose, you can receive monthly payments, a line of credit, a lump sum, or any combination. The money is completely tax-free and available to you to do as you wish. In the event of your death, the home is sold and your heirs keep the difference between the value of your home and the balance of the loan.

Peace of Mind

With a Hialeah reverse mortgage loan, you get financial peace of mind. No matter what happens in the housing market, you will never owe more than the value of your home. If the balance of your reverse mortgage is less than the value, you or your heirs keep the difference.

Have Access to Equity When You Need it Most

Having access to the equity in your home now via a reverse mortgage may be a perfect way to have those funds available to you without the added payments of a second mortgage or large home equity loan. A reverse mortgage is a good way to relieve that financial stress you may be feeling and free up money to finance a comfortable retirement.

Without requiring a monthly payment, you can even pay off your existing mortgage or any other debts or expenses with ease. With your monthly cash flow now improved, you can have the retirement that you had hoped for.

What We Look At

If you are considering this financial option, there are some Hialeah reverse mortgage qualifications that will influence the loan amount that you may take.

  • Your age or that of your spouse, whoever is younger
  • The prevailing interest rate
  • The value of your home
  • The lesser either of the appraised value of your home or the Federal Housing Administration’s HECM limit of $679,650 (2018)

Make Sure to Consider These Things

You should also consider these things in order to determine whether a reverse mortgage loan is right for you:

  • Your loan balance will increase during the duration of the loan term
  • Your estate value may decrease over time as payoff increases and you spend loan proceeds.
  • Your reverse mortgage loan is subject to FHA Insurance Premiums
  • The loan origination fee may be higher than a conventional forward mortgage
  • Social Security and Medicare eligibility will not be affected by your Hialeah reverse mortgage loan but it may affect some needs-based programs such as Medicaid or SSI. Speak to your financial professional.

Call For a Free Consultation

If you are considering a reverse mortgage loan to help fund your retirement years, let us help. Call the lending professionals at Sun Capital Mortgage for more information about our reverse mortgage products and if you are a good fit.

We offer a no-cost consultation to answer any of your questions and provide a pre-qualification in order to see how much you may be qualified to borrow. You may also access information regarding reverse mortgages directly from HUD/FHA by visiting http://www.nmlsconsumeraccess.org/.

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