Reverse Mortgage Kendall FL

If you are looking for alternatives in financing that will allow you the use the equity you have in your home, you may wish to consider a reverse mortgage loan. These loans allow homeowners aged 62 and older to have access to equity in their home without conventional forward mortgage financing and increased monthly payments.

Simply put, a reverse mortgage is one where you borrow against your own home’s equity, much as a second mortgage in Kendall or a home equity loan. But the difference is that you do not pay the loan back as long as you continue to own and live in your home.

Other Options

Before reverse mortgage loans, in order to get the valuable equity out of your home, you would have to sell the home or get an additional second mortgage or home equity loan. On top of your first mortgage payment, you would then have an additional payment each month.

With a reverse mortgage loan in Kendall, the lender considers the equity in your home and lends based on that. No monthly payments are required by you. In fact, you can set up your reverse mortgage to pay YOU each month. When the home is eventually sold, the reverse mortgage is paid off.

Understanding the Implications

A Kendall reverse mortgage is not right for everyone. It is important to consider the implications for your personal situation by understanding how reverse mortgages work and their pros and cons. It is also important to understand the criteria that reverse mortgage products are subject to. These include your age, the value of your home and the amount of equity there is in it, and the mortgage limits imposed by the Federal Housing Administration.

Flexibility of Payouts

Your loan proceeds can be taken in one lump sum, regular payments to you over a period of time, or even set up as a line of credit that allows you to take the money as you need it. In the event of your death, the loan is due and payable. Your heirs then have the choice to sell the home or keep the home and pay off the loan balance. You must keep in mind that if you change your residence or live elsewhere for a period of over six months for nonmedical reasons or twelve months for medical reasons, you must repay the loan.

Government Oversight

Reverse mortgages are often good choices for seniors. They are subject to government oversight and limits are placed on any closing or servicing fees. Prior to applying for a reverse mortgage in Kendall, you are required to verify any assets, income, expenses, and debts the same as you would to qualify for a conventional forward mortgage. Your financial situation will be reviewed to determine if the mortgage loan is a viable option for you during this pre-qualification process.

Benefits of reverse mortgages are:

  • You have access to home equity without selling your home.
  • You maintain the ownership of your home. Your lender does not have the right to remove you from your home or sell it as long as you keep your real estate taxes and insurance paid and up to date.
  • Allows you extra money for retirement in order to maintain a comfortable lifestyle or pay off debts or surprise medical costs
  • You have no monthly mortgage payments. The loan is repaid upon the sale of your home typically with the funds from the sale.
  • Your Social Security and Medicare are not affected by the money you receive from a reverse mortgage.

For retirees, a Kendall reverse mortgage offers a flexible source of money without having to dip into other sources or investments.

Call For Information

If you are over 62 years of age, own your home, and it is your primary residence, you may qualify for a reverse mortgage. As a premier Kendall reverse mortgage company, Sun Capital Mortgage can offer you options for your retirement and financial future. Call us today for a free consultation and pre-qualification and understand how a reverse mortgage may be the right financial option for you.

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