Fort Lauderdale Florida Reverse Mortgage
Your Fort Lauderdale Reverse Mortgage Guide
Welcome to Fort Lauderdale
If you are a Fort Lauderdale homeowner aged 62 or older, you may be eligible for a reverse mortgage loan. This type of loan allows you to access your home’s equity without making monthly payments. Instead, the loan is repaid when you sell the home or pass away. Reverse mortgage loans can provide financial support and security for seniors in Fort Lauderdale, allowing them to age in place and enjoy the comfort and familiarity of their own homes. Don’t let your hard-earned equity go to waste – consider a reverse mortgage loan and see how it can benefit you and your family in retirement.
Reverse Mortgage
Explore the possibilities of a Reverse Mortgage! Free yourself from worrying about monthly bills and take back control of your financial future. With a Reverse Mortgage, you can unlock the power of your home’s equity while maintaining ownership of your home. Find out today how you can start on the road to financial freedom.
Reverse Mortgage for Purchase
Did you know you can use a reverse mortgage to purchase a new home? A reverse mortgage for purchase allows seniors to buy a new home without making any monthly mortgage payments. Instead of getting an upfront lump sum payment like other reverse mortgages, the loan is used to purchase a new primary residence.
HECM to HECM Refinance
A HECM (Home Equity Conversion Mortgage) to HECM refinance, also known as a HECM loan refinance, is a type of reverse mortgage that allows a borrower to refinance an existing HECM loan with a new one. This can be beneficial for several reasons, such as lowering your interest rate, changing the loan terms, accessing additional equity, and improving your financial situation.
Cash Out Reverse Mortgage
A Reverse Mortgage allows you to take cash out of your house and use the equity in your home for the things you want. You can receive your cash as a lump sum, fixed monthly payment, or line of credit.
Jumbo Reverse Mortgage
A Jumbo Reverse Mortgage is a reverse mortgage that allows homeowners to borrow more money than allowed with a traditional HECM reverse mortgage. This is because a Jumbo Reverse Mortgage is not limited by the same lending limits set by the Federal Housing Administration (FHA) for standard HECM loans. With a Jumbo Reverse Mortgage, you can access more of the equity in your high-value home.
Fort Lauderdale Approved Reverse Mortgage Counseling Agencies
HUD Approved HECM Counseling Agencies
The following is the internet website address and telephone number provided by HUD for the purposes of acquiring HECM counseling:
- HUD Office of Housing Counseling Website: www.hud.gov/program_offices/housing/sfh/hcc
- HUD’s Interactive Voice System: (800) 569-4287
National Counseling Agencies
ClearPoint Financial Solutions
(800) 251-2227
https://www.clearpoint.org/
Money Management International
(877) 908-2227
https://www.moneymanagement.org/
Credit.org
(800) 947-3752
https://www.homeownership.org/
National Foundation for Credit Counseling
(866) 698-6322
https://www.nfcc.org/
Greenpath
(888) 860-4167
https://www.greenpath.com/
Navicore
(866) 855-7736
https://navicoresolutions.org/
Guidewell Financial Solutions
(800) 882-6171
https://www.guidewellfs.org/
NeighborWorks America
(202) 760-4000
https://www.neighborworks.org/
Housing Options Provided for the Elderly (HOPE)
(844) 432-6467
https://hopeforseniorsstl.org/
Florida Counseling Agencies
Fort Lauderdale Florida Frequently Asked Questions
How does a Reverse Mortgage work in Fort Lauderdale Florida?
A reverse mortgage in Fort Lauderdale, Florida, works similarly to a reverse mortgage in other parts of the country. The basic principle is that it allows homeowners 62 years of age or older to borrow money against the equity in their home without having to make monthly payments. Instead, the loan becomes due when the borrower moves out of the house permanently, sells the home, or passes away.
To obtain a reverse mortgage in Fort Lauderdale, Florida, the borrower must meet with a reverse mortgage lender and go through a counseling session to ensure that a reverse mortgage is a suitable choice for them. The lender will also appraise the home to determine its value and the amount the borrower is eligible to borrow.
Do I make mortgage payments on my Reverse Mortgage in Fort Lauderdale?
No, you do not have to make payments on your reverse mortgage. You are still obligated to pay your property taxes, homeowners insurance, general home maintenance and upkeep, and any HOA fees, if applicable. The benefit of a reverse mortgage is that you do not have to make a regular monthly mortgage payment.
What qualifies for a reverse mortgage in Fort Lauderdale?
A reverse mortgage loan is only available to seniors who are age 62 or older. This type of loan has been designed to help provide a solution to allow seniors access to equity in their homes while still living there. To qualify for a reverse mortgage, you must:
How do I receive my money when I get a reverse mortgage?
With a Reverse Mortgage, borrowers have the flexibility to choose how they want to receive their loan proceeds. This can include receiving the funds in one lump sum, periodically accessing them through a line of credit, receiving regular monthly payments, or a combination of these options. Speak with a licensed Reverse Mortgage Lender to discuss your options.
About Fort Lauderdale Florida
Welcome to Fort Lauderdale, Florida! This vibrant city is home to over 180,000 people and is situated along the Atlantic coast. It's a place where the sun is always shining and the locals are always smiling.
Fort Lauderdale has a rich history, having been founded in 1911. It was originally a small agricultural town, but quickly grew into the bustling city it is today. The city is known for its beautiful beaches, stunning waterways, and vibrant nightlife.
When you visit Fort Lauderdale, you can enjoy a variety of activities. The city is home to several parks, including Hugh Taylor Birch State Park and Holiday Park. There are also plenty of community centers, such as the African-American Research Library and Cultural Center, which offer a variety of educational and cultural activities.
Fort Lauderdale also has several schools, including Broward College, Florida Atlantic University, and Nova Southeastern University. Whether you're looking for a place to relax, explore, or learn, Fort Lauderdale has something for everyone.
So come on down to Fort Lauderdale and experience all that this amazing city has to offer!
Things To Do In Fort Lauderdale
Fort Lauderdale, FL Neighborhoods
Lauderdale Beach, Victoria Park, Flagler Village, Imperial Point, Idlewyld, Tarpon River, Poinciana Park, Dorsey Riverbend, Sailboat Bend, Las Olas Isles, Harbordale, Galt Mile, Croissant Park, Poinsettia Heights, Central Beach Alliance, Colee Hammock, Durrs, Middle River Terrace, South Middle River, Riverland Village, Coral Ridge Isles, Lauderdale Isles, Progresso Village, Shady Banks, Seven Isles, Dillard Park, Nurmi Isles, Melrose Manors, Hendricks and Venice Isles, Sunrise Key, Lauderdale West, Palm Aire Village East, Bermuda Riviera, Coral Ridge Country Club, Harbour Isles of Fort Lauderdale, Birch Park Finger Streets, South Fort Lauderdale, Lofts of Palm Aire Village, Harbor Beach, Riviera Isles, Central Fort Lauderdale, Dolphin Isles, Palm Aire Village West, Sunrise Intracoastal, Harbour Inlet, Coral Ridge, Lauderdale Harbours, Boulevard Park Isles, Lake Ridge, Landings, Edgewood,FORT LAUDERDALE, FL WEATHER !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src='https://weatherwidget.io/js/widget.min.js';fjs.parentNode.insertBefore(js,fjs);}}(document,'script','weatherwidget-io-js');
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Street Names in Fort Lauderdale, FL
Fort Lauderdale, FL Zip Codes
33301, 33302, 33303, 33304, 33305, 33306, 33307, 33308, 33309, 33311, 33312, 33315, 33316, 33334, 33338, 33339, 33348, 33394,Reverse Mortgage Regulations
HUD – The United States Department of Housing and Urban Development is one of the executive departments of the U.S. federal government. It administers federal housing and urban development laws. They state, “Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is a Home Equity Conversion Mortgage (HECM) which is only available through an FHA-approved lender. The HECM is FHA’s reverse mortgage program that lets you withdraw a portion of your home’s equity.”
Consumer Finance Protection Bureau – The Consumer Financial Protection Bureau is an agency of the United States government responsible for consumer protection in the financial sector. They state, “A reverse mortgage is a special type of home loan only for homeowners who are 62 and older. With a reverse mortgage, the amount the homeowner owes goes up–not down–over time.”
NMSL – The Nationwide Multi-State Licensing System and Registry is the record system for non-depository financial services licensing.
NRMLA – The National Reverse Mortgage Lenders Association (NRMLA) is a professional association that serves as an educational resource for the Reverse Mortgage community. The NRMLA was established in 1997 to promote professionalism and provide support and guidance to lenders and education borrowers. In addition, they prioritize educating consumers on the advantages and disadvantages of obtaining a reverse mortgage, ensuring borrowers make informed decisions. They also provide training for mortgage professionals, enforce a code of ethics, and advise policymakers on reverse mortgage issues.
Reverse Mortgage Lenders near Fort Lauderdale
Call us for a free, no-obligation consultation about your Reverse Mortgage options. One of our licensed professionals will answer your questions without the hassle of a sales pitch. You’ll learn what programs you may qualify for and discover the best options that will suit your situation.
We are proud to serve the residents of Fort Lauderdale. We have been in the mortgage lending business since 2002 and would be happy to provide additional testimonials and references to clients we have worked with. We look forward to serving you and welcome the opportunity to meet and discuss your individual needs.
Reverse Mortgage Resource Center – Fort Lauderdale
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Our Lending Team has been serving our clients since 2004. We are passionate about serving our clients with integrity to help them achieve their financial goals.