What are some of the benefits of a Reverse Mortgage?
Reverse mortgages are taken by thousands of seniors every year. This means that someone you know, a friend, a neighbor, or family member has likely taken advantage of the benefits of a reverse mortgage. There are so many benefits to a reverse mortgage!
You never make a monthly payment. Reverse mortgages can create a safe way to take care of yourself (and your spouse) while having the financial independence you’ve worked for all of your life. You can live in your home without a monthly mortgage payment for the rest of your life. There are so many benefits to a reverse mortgage!
You get tax free access to your home equity. A reverse mortgage can offer you liquid cash you may need in an emergency or to maintain your current lifestyle. Or it can provide a security blanket to cope with the rising costs of everyday living. There are so many benefits to a reverse mortgage!
The long term cost of Reverse mortgage can be less expensive than a traditional home mortgage or home equity loan. Remember, with a traditional loan you must consider the ongoing interest that is paid monthly to compute your cost over the years.
The federal government regulates reverse mortgages. This means that the amount of money available to you, and the costs you pay are primarily the same with every lender in the United States. The difference is the expertise of the people you are dealing with. All reverse mortgage lenders must be approved by the U.S. Department of HUD.
NO income requirement and there is no personal guarantee. Unlike traditional mortgages and home equity loans, your ability to repay the loan is not a consideration. The process does not take into consideration your income, not matter how little or how great.
You retain ownership and stay in your home. The home must be in, and remain in, the name of the borrowers only. You continue to enjoy your home for as long as you desire provided all program requirements are met. There are so many benefits to a reverse mortgage in Florida!
Reverse Mortgage proceeds do not impact your social security or medicare. However, funds should be managed properly so as not to effect Medicaid qualification. This is another reason to contact experts who have the experience to guide you safely through the process. A Florida elder law attorney should be contacted to address additional concerns.
Reverse mortgages can improve the quality of life for seniors and help them retire better. An education is the key to understanding the benefits. Call us NOW!
We will show you all of the benefits of a reverse mortgage! You can enjoy all the benefits of a reverse mortgage in Florida!