FLORIDA REVERSE MORTGAGE REQURIMENTS:
FLORIDA PROPERTY REQUIREMENTS
The following eligible for a reverse Florida mortgage your property types must meet all FHA property standards and flood requirements:
FLORIDA REVERSE MORTGAGE FINANCIAL REQURIMENTS
WAYS TO WITHDRAW WITH A FLORIDA REVERSE MORTGAGE
REVERSE FLORIDA MORTGAGE LOANS ARE BASED ON
If there is more than one borrower and no eligible non-borrowing spouse, the age of the youngest borrower is used to determine the amount you can borrow.
Consumers take out reverse mortgages for a variety of reasons. We have compiled a list of the most popular reasons for taking out a reverse mortgage. Keep in mind that you can use the funds from a Florida reverse mortgage for anything and is not limited to the list below. The list below is just what are the most common reasons based on consumers looking for information on our site.
FLORIDA FHA REVERSE MORTGAGE LENDERS FOR SENIORS
If you are a Florida homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the Florida home, you may participate in FHA's Home Equity Conversion Mortgage (HECM) program. The HECM is FHA's reverse mortgage program that enables you to withdraw a portion of your Florida home's equity.
You can also use a Florida reverse mortgage to purchase a primary residence if you are able to use cash on hand to pay the difference between the mortgage proceeds and the sales price plus closing costs for the Florida home you are purchasing.
How the Reverse Florida Mortgage Program Works
There are many factors to consider before deciding whether a Florida reverse mortgage is right for you. To aid in this process, you must meet with a Florida reverse mortgage counselor to discuss program eligibility requirements, financial implications and alternatives to obtaining a Florida reverse mortgage and repaying the loan. Counselors will also discuss provisions for the mortgage becoming due and payable. Upon the completion of HECM counseling, you should be able to make an independent, informed decision of whether this product will meet your specific needs.
There are borrower and property eligibility requirements that must be met. You can use the listing below to see if you qualify. If you meet the eligibility criteria, you can complete a reverse mortgage application by contacting a FHA-approved lender. You can search online for a Florida FHA-approved lender or you can ask the HECM counselor to provide you with a listing. The Florida reverse mortgage lender will discuss other requirements of the HECM program, such as first year payment limitations, available payment options, the loan approval process, and repayment terms.
FLORIDA REVESE MORTGAGE COST
You can pay for most of the costs of a HECM by financing them and having them paid from the proceeds of the loan. Financing the costs means that you do not have to pay for them out of your pocket. On the other hand, financing the costs reduces the net loan amount available to you.
You will be charged an initial mortgage insurance premium (MIP) at closing. The initial MIP will be .5 percent or 2.5 percent, depending on your disbursements. Over the life of the loan, you will be charged an annual MIP that equals 1.25% of the outstanding mortgage balance.
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