Lake Wales Florida Reverse Mortgage

Your Lake Wales Reverse Mortgage Guide

Welcome to Lake Wales

Are you a homeowner in Lake Wales looking for financial support in retirement? A reverse mortgage loan may be the solution you’ve been seeking. This type of loan allows homeowners aged 62 and older to access their home equity without the obligation to make monthly payments. Instead, the loan is repaid when the borrower sells the home or passes away. Reverse mortgage loans can provide a stable financial foundation and allow seniors to age in place with the comfort and security of their own home.

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.

Learn More about a Reverse Mortgage

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.

Learn More about a Reverse Mortgage for Purchase

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.

Learn More about a HECM to HECM Refinance

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.

Learn More about a Cash Out Reverse Mortgage

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.

Learn More about a Jumbo Reverse Mortgage

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Lake Wales 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:

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

Lake Wales Florida Frequently Asked Questions

How does a Reverse Mortgage work in Lake Wales Florida?

A reverse mortgage in Lake Wales, 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 Lake Wales, 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 Lake Wales?

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 Lake Wales?

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:

  • The youngest borrower on the loan must be 62 years old or older
  • Having an existing mortgage loan balance is OK as long as there is sufficient equity in the home
  • It must be your primary residence, not rental homes or vacation homes
  • Reverse mortgage loans are available as refinance or purchase loans.

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 Lake Wales Florida

Welcome to Lake Wales, Florida! Nestled in the heart of Central Florida, this small city of about 15,000 residents is a hidden gem. With its rich history and vibrant culture, Lake Wales is the perfect destination for a weekend getaway or a longer stay.

Lake Wales was founded in 1911 and has been a thriving community ever since. The city was named after the nearby Lake Wales Ridge, which is home to a variety of unique plants and wildlife. The city is also home to a number of historic sites, including the Bok Tower Gardens and the Historic Downtown District.

When you visit Lake Wales, you’ll find plenty of fun activities to keep you busy. Spend a day exploring the city’s many parks and community centers, or take a stroll through the downtown area and check out the local shops and restaurants. There are also plenty of outdoor activities to enjoy, such as fishing, boating, and hiking.

Lake Wales is also home to a number of schools, including Lake Wales High School and Lake Wales Charter Schools. Both of these schools offer a variety of educational opportunities for students of all ages.

Whether you’re looking for a relaxing weekend getaway or an exciting adventure, Lake Wales is the perfect destination. Come explore the city’s rich history and vibrant culture and discover why Lake Wales is a hidden gem in Central Florida.

Things To Do In Lake Wales

Top Sights in Lake Wales, FL


Bok Tower Gardens

LEGOLAND® Florida Resort

Jump Florida Skydiving

Highland Crest Loop

Doctor JA Wiltshire Avenue

Burns Avenue

Ashton Palms Drive

Beverly Drive

Dinner Lake Way

Aberdeen Lane

Lake Wales History Museum

LEGOLAND Florida Water Park

Lake Wales Park

Spook Hill

Lake Wailes Park

Florida's Natural Grove House Visitor Center

Lake Wales Arts Center

Starr Ridge Drive

Eagle Ridge Mall

Fast Trot Trail

Lake Wales Ridge

Lake Wailes

The Dinosaur Playground Bounce House

Rolling Hills Court East

Lake Wales Ridge State Forest

Tower Lakes

Kayworth Road

1st Avenue North

El Retiro

Lake Ashton

Lake Wales Main Street

Saddle Bag Road

Woodruff Way

Lighthouse Avenue

Hammock Hollow

Masterpiece Gardens Assemblies

Chambers Street

Club Circle

Camp Mack Road

Indian Lake Drive

Laguna Drive

LEGO Ninjago World

Mountain Lake Colony House

Window By The Pond

Cypress Gardens

Peppa Pig Theme Park

Iron Mountain

Lake Annie

Lake Winterset

Allen David Broussard Catfish Creek Preserve State Park

Street Audubon Nature Center - Lake Region Audubon Society

The Great LEGO Race

DUPLO Valley

Mia's Riding Adventure

Saint Anne Shrine

Ford Driving School

Lake Dexter

Lake Pierce

St. Anne Shrine

Imagination Zone

Lake Eloise

Península de Florida

Crooked Lake Prairie

Crooked Lake

Lake Aurora

Lake Roy

Street Names in Lake Wales, FL

12th St 13th St 14th St 1st St 2nd Ave N 3rd
5th St 6th Ave 8th St 9th St 9th St N Abc Rd
Aberdeen Ln Aborea Dr Acacia Walk Acree Way Adell Rd Agatha Ln
Alabama St Alamanda Blvd E Alamanda Blvd W Albritton Way Alcoma Grove Rd Alcott Dr
Allison Ave Almburg Rd Alpha Ct Alta Vista St Altamont Ave Alturas Babson Park Cutoff

Lake Wales, FL Zip Codes

33853, 33859,

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 Lake Wales

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 Lake Wales. 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
Phone: 385-503-2224

Reverse Mortgage Resource Center – Lake Wales

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REVERSE MORTGAGE RESOURCE CENTER ~lIVE lIFE ON yOUR tERMS~


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.