North Miami Florida Reverse Mortgage

Your North Miami Reverse Mortgage Guide

Welcome to North Miami

Are you a homeowner in North Miami looking for financial support in retirement? A reverse mortgage home 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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North Miami 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

North Miami Florida Frequently Asked Questions

How does a Reverse Mortgage work in North Miami Florida?

A reverse mortgage in North Miami, 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 North Miami, 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 North Miami?

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 North Miami?

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 North Miami Florida

Welcome to North Miami, Florida! This vibrant city is home to a diverse population of over 63,000 people and is located in Miami-Dade County. North Miami has a rich history, having been founded in 1926. The city was originally known as “Arch Creek” and was an agricultural community.

Today, North Miami is a thriving city with plenty of activities for everyone. There are several parks and community centers, such as the Arch Creek Park and the North Miami Community Center, where locals can enjoy outdoor activities and recreational sports. There are also several local schools, such as North Miami Senior High School and North Miami Middle School, where students can receive a quality education.

North Miami is also home to many fun attractions, such as the Museum of Contemporary Art and the Oleta River State Park. The city also offers a variety of restaurants and shopping centers, making it the perfect destination for a weekend getaway.

So, come explore North Miami and experience all the city has to offer!

Things To Do In North Miami

Top Sights in North Miami, FL


Museum of Contemporary Art

Biscayne Boulevard

Dezerland Action Park Miami

Tap Tap Tours & Transportation LLC

Oleta River State Park

Oleta River Outdoor Center

The Ancient Spanish Monastery

Haulover Park

Enchanted Forest Elaine Gordon Park

Collins Avenue

Arch Creek Park

Sandspur Island

Bal Harbour Beach

Greynolds Park

Haulover Sandbar

Amelia Earhart Park

Claude Pepper Park

Arch Creek East Environmental Preserve (ACE Preserve)

Griffing Park

Biscayne Shores and Gardens Park

Diver Mansion

The Contemporary Art Modern Project

Haulover Nude Beach

Contemporary Art Projects USA

Oak Grove Park

East Greynolds Park

Newport Fishing Pier

Haulover Beach

Haulover Marine Center

Haulover Inlet and Beach Park

African Heritage Cultural Arts

Military Trail Park

Samson Oceanfront Park

Gateway Park

Senator Gwen Margolis Park

Miami Watersports Complex

Town Center Park

Haulover Inlet Bridge

Gwen Cherry Park

Arcola Lakes Park

The Historic Hampton House

Biscayne Bay

Fulford-by-the-Sea Monument

Maule Lake

Arcola Lakes Senior Center

Surfside Park

Arcola Park

Highland Oaks Park

Haulover Beach (Clothing Optional Section)

Sunny Isles Beach

Ives Estates Park.

Aqua Golf Driving Range & Pro Shop

Jefferson Reaves Sr. Park

North Glade Park

Lake Stevens Park

Street Names in North Miami, FL

16th St Alamanda Dr Arch Creek Dr Arch Creek Rd Arch Creek Terrace Auralia Rd
Banyan Rd Bay Vista Bayview Ln Biscayne Bay Terrace Biscayne Island Terrace Canal Dr
Cherry Rd Coronado Dr Coronado Ln Coronado Terrace Croton Rd Cyprus Rd
Fiu Bay Vista Stadiu St Fiu North Campus Fiu Stadium Dr Hibiscus Cir Hickory Rd Ixora Cir
Ixora Ln Ixora Rd Keystone Blvd Keystone Island Dr Keystone Rd Keystone Terrace

North Miami, FL Zip Codes

33154, 33160, 33161, 33167, 33168, 33181,

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 North Miami

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 North Miami. 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 – North Miami

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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.