Westchase Florida Reverse Mortgage

Your Westchase Reverse Mortgage Guide

Welcome to Westchase

As a homeowner in Westchase, you have worked hard to build equity in your home. Now, that equity can work for you in your retirement years with a reverse mortgage home loan. This type of loan allows you to tap into the equity you have built up in your home without the obligation to make monthly payments. Instead, the loan is repaid when you sell the home or pass away. Reverse mortgage loans can provide financial stability and peace of mind, allowing you to enjoy your retirement and age in place in the comfort of your 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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Westchase 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

Westchase Florida Frequently Asked Questions

How does a Reverse Mortgage work in Westchase Florida?

A reverse mortgage in Westchase, 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 Westchase, 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 Westchase?

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 Westchase?

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 Westchase Florida

Welcome to Westchase, Florida! This vibrant city is a great place to visit and live, with a population of around 20,000 people. It's a great place to explore and experience the best of Florida living.

Westchase was founded in 1991, and has grown into a thriving community. It has a rich history and culture, with plenty of activities and attractions to keep you busy. From local parks and community centers to local schools, there's something for everyone.

If you're looking for a fun day out, Westchase has plenty of options. There are several parks in the area, including Westchase Park, which offers a playground, picnic area, and walking trails. The Westchase Community Center is a great place to get involved in the community, with a variety of activities and classes. There are also several local schools in the area, including Westchase Elementary, Farnell Middle School, and Alonso High School.

No matter what you're looking for, Westchase has something for everyone. From its rich history and culture to its vibrant parks and community centers, Westchase is the perfect place to explore and experience the best of Florida living.

Things To Do In Westchase

Westchase, FL Neighborhoods

Twin Branch Acres, Westchester of Hillsborough, Mandolin, Stonebridge Villas, Fawn Ridge, Fawn Lake,

WESTCHASE, 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');

Top Sights in Westchase, FL


Beagle Run Place

Crowned Sparrow Lane

Bennington Drive

Navel Orange Way

Ayrshire Drive

Downey Lane

Tate Lane

Wycliff Place

Greensprings Drive

Wandsworth Drive

West Park Village Drive

Tropical Palm Drive

Tillinghast Drive

Renaissance View Court

Hampden Drive

Cypress Crest Circle

Fox Trail

Aston Creek Drive

Greenpointe Drive

Windsor Place Circle

Dietz Drive

Glencliff Circle

Congressional Drive

Berkeley Square Drive

Bayaud Drive

Tampa Bay Downs

Woodbay Drive

Northumberland Drive

Sunvale Place

Cypress Hill Circle

Weybridge Drive

Greenmont Drive

Beeler Drive

Minaret Drive

Glenfield Avenue

Blaine Top Place

Staghorn Road

Casablanca Way

Lake Chase Island Way

Lightner Bridge Drive

Blacksmith Drive

Baybridge Park

Empower Adventures Tampa Bay

Big Cat Rescue

FUTURE HOME REALTY, Inc

Westchase Park & Recreation Center

Upper Tampa Bay Trail

Bicentennial Park

Upper Tampa Bay Park

Rocky Creek Trails Nature Preserve

Lake Rogers Park

Channel Park Trailhead

Oldsmar Organic Community Garden

Oldsmar Historical Society

Berkshire Hathaway HomeServices Florida Properties Group - Carrollwood Office

Nova Home Realty LLC

West Dog Park

Keystone Park

Lake Rogers

Brooker Creek Headwaters Nature Preserve

Lake Frances Nature Preserve

North Dale Mabry Highway

Alligator Lake

Charles Rutenberg Realty, Inc.

Street Names in Westchase, FL

Adair Ct Arlington Park Ct Balmoral View Ct Bayboro Bridge Dr Belmont Manor Ct Bentley Way
Bishopsford Dr Blackburn Path Ct Blacksmith Dr Breaphitt Ct Bristol Dr Brompton Dr
Brompton Way Calder Manor Ct Cavendish Dr Chambers Dr Chartwell Way Chester Terrace Ct
Citrus Park Dr Citrus Village Dr Colonial Garden Ln Colorado Pl Countryway Blvd Derby Race Ln
Dunhill View Ct Ed Radice Dr Evanshire Ct Fairmont Manor Ct Fawn Creek Dr Fawn Ridge Blvd

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 Westchase

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 Westchase. 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 – Westchase

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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.