Florida Reverse Mortgage

A Florida reverse mortgage is available to citizens age 62 and over. This is a relatively new kind of loan that allows you to take cash out of your house without moving or making monthly loan payments. You do not have to repay the loan until you vacate the home. You can choose to receive cash in one lump sum, as a monthly payment, or as a credit line.

Options for a Florida Reverse Mortgage

The FHA-Home Equity Conversion Mortgage is available as a Florida reverse mortgage. FHA insures the loan so that there is no loss to the lender or borrower. It has flexible income payment options and a growing line of credit. The maximum amount of the loan depends on the age of the borrower, the value of the house, and the anticipated interest rate. The older you are, the more benefits you will qualify for.

A second option is the Homekeeper loan by Fannie Mae. This loan is guaranteed by Fannie Mae, a private national mortgage company. It has a line of credit options. The maximum lending limit is higher than the FHA-HECM loan. This loan was developed in the mid-1990s and offers some options which differ from the FHA loan to allow for customizing individual needs. Consumers should be aware that fees may vary between different types of reverse mortgages.

Florida residents may also choose a Financial Freedom Cash Account for a Florida reverse mortgage. This option is not available in every state. It offers flexible income payment options as well as line of credit options. Cash Account loans have higher home equity release options and no maximum lending limit. They are designed for seniors who own higher priced homes. You should carefully consider all options before choosing a loan in Florida.