Florida Reverse Mortgages Purchases
Purchasing a home with a Reverse Mortgage in Florida. Find out how it works and why you should be taking a closer look at a Reverse Mortgage purchase for your next home loan.
Reverse Mortgage Purchase Highlights
- No monthly payments
- Preserves your cash
- Increases your purchase power
- Lower cost of living during retirement
- Regardless of how long you live in the home or what happens to your home's value, you only make one, initial investment (down payment) towards the purchase.
- Mortgage Insurance Premium (MIP) in conjunction with Florida homestead law helps protects you from losing your home. *
- This is a 'Non-recourse loan' which means your other assets are not affected by the loan.
First let's understand what are FHA Insured Reverse Mortgages?
If you are over the age of 61 a Federally Insured Reverse Mortgages is designed to allow you to unlock the equity in your home to provide needed financial security. You control where and how you live during your golden years.
Many seniors are on fixed incomes and their incomes don't always keep pace with inflation. Here in Florida we have an added benefit with Florida Homestead Law. Florida's homestead law protects residential primary home owners from sharp increases in property taxes. Combined with an FHA insured reverse mortgage the synergy of benefits is complimentary to the home owner.
Home Equity Conversion Mortgage (HECM) Fixed Rate Reverse Mortgage or HECM for Purchase Reverse Mortgage.
Fixed Rate HECMs or a Fixed Rate Reverse Mortgage gives seniors a peace of mind and more predictable retained equity for your heirs. Today's fixed rates are VERY LOW allowing a buyer more purchasing power.
To purchase a home using an HECM Reverse Mortgage Loan, a senior may buy a new principal residence with less upfront cash than a typical full cash purchase. When your new home purchase is completed there will be no monthly payments to make for as long as you live in your home. The amount of money you will need to bring to closing will based on the home purchase price, your age, interest rate, and the maximum lending limit.
Why should I consider purchasing a home with a Reverse Mortgage?
A purchase with a reverse mortgage allows a borrower to more home than they have with available cash, all without a monthly payment.
These plans allow you to access equity with the amount you have to put down and the equity your home hasn't "earned" yet. This also may allow you to get cash benefits for future appreciation with - NO MONTHLY PAYMENTS!
The plans are designed to leave equity for your heirs. The plans are generally written to carry the youngest spouse to age 112. This along with Florida homestead law makes your home virtually foreclosure proof. If your plan has a cash payout You never have to worry about where your money's coming from, because the federal government insures your mortgage and if anything happens to your lender, HUD steps in and keeps the cash flowing.
The federally insured Reverse Mortgage has been around since 1989 and over 500,000 seniors have benefited from these plans. In 2013 with interest rates at an all time we expect to see thousands more seniors take advantage of a Reverse Mortgage or purchasing with a reverse mortgage loan.
If you would like more information on how to purchase a home and nearly have the money as a full cash purchase for the same home call us at Solutions First Mortgage Inc. Helping you get the home of your dreams for better living.
- The property must be your primary residence
- You cannot vacate it for more than 6 months in a calendar year.(Homestead)
- You can lose your home if you do not pay your property taxes HOA or home owners insurance.
- You can also lose your home to mechanics lien (outstanding bills from contractors)
Reverse Mortgage Purchases in Florida
Our service has been designed to remove the stress and misunderstandings commonly associated with reverse mortgages and reverse mortgage purchases.
For further information about getting the right mortgage for you and to arrange your 'NO-FEE ASSESSMENT'
CALL US on (+1) 941-921-1110